Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312024-05-232024-05-242023-01-01falseManufacturer of pressure transducers, pressure transmitters, strain gauges and wireless systems.5349truetrue 02523392 2023-01-01 2023-12-31 02523392 2022-01-01 2022-12-31 02523392 2023-12-31 02523392 2022-12-31 02523392 c:Director1 2023-01-01 2023-12-31 02523392 d:Buildings 2023-01-01 2023-12-31 02523392 d:Buildings 2023-12-31 02523392 d:Buildings 2022-12-31 02523392 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02523392 d:PlantMachinery 2023-01-01 2023-12-31 02523392 d:PlantMachinery 2023-12-31 02523392 d:PlantMachinery 2022-12-31 02523392 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02523392 d:MotorVehicles 2023-01-01 2023-12-31 02523392 d:MotorVehicles 2023-12-31 02523392 d:MotorVehicles 2022-12-31 02523392 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02523392 d:FurnitureFittings 2023-01-01 2023-12-31 02523392 d:FurnitureFittings 2023-12-31 02523392 d:FurnitureFittings 2022-12-31 02523392 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02523392 d:OfficeEquipment 2023-01-01 2023-12-31 02523392 d:OfficeEquipment 2023-12-31 02523392 d:OfficeEquipment 2022-12-31 02523392 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02523392 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02523392 d:FreeholdInvestmentProperty 2023-12-31 02523392 d:FreeholdInvestmentProperty 2022-12-31 02523392 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 02523392 d:CurrentFinancialInstruments 2023-12-31 02523392 d:CurrentFinancialInstruments 2022-12-31 02523392 d:Non-currentFinancialInstruments 2023-12-31 02523392 d:Non-currentFinancialInstruments 2022-12-31 02523392 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02523392 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02523392 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02523392 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02523392 d:ShareCapital 2023-12-31 02523392 d:ShareCapital 2022-12-31 02523392 d:InvestmentPropertiesRevaluationReserve 2023-12-31 02523392 d:InvestmentPropertiesRevaluationReserve 2022-12-31 02523392 d:RetainedEarningsAccumulatedLosses 2023-12-31 02523392 d:RetainedEarningsAccumulatedLosses 2022-12-31 02523392 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02523392 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02523392 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02523392 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02523392 d:RetirementBenefitObligationsDeferredTax 2023-12-31 02523392 d:RetirementBenefitObligationsDeferredTax 2022-12-31 02523392 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02523392 c:OrdinaryShareClass1 2023-12-31 02523392 c:OrdinaryShareClass1 2022-12-31 02523392 c:FRS102 2023-01-01 2023-12-31 02523392 c:Audited 2023-01-01 2023-12-31 02523392 c:FullAccounts 2023-01-01 2023-12-31 02523392 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02523392 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02523392









ESI TECHNOLOGY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ESI TECHNOLOGY LIMITED
REGISTERED NUMBER: 02523392

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
517,962
453,119

Investment property
 5 
550,000
494,913

  
1,067,962
948,032

Current assets
  

Stocks
  
1,854,468
1,123,854

Deferred tax
 6 
178,646
178,646

Debtors: amounts falling due within one year
 6 
970,623
890,422

Cash at bank and in hand
  
231,282
243,141

  
3,235,019
2,436,063

Creditors: amounts falling due within one year
 7 
(1,175,500)
(458,641)

Net current assets
  
 
 
2,059,519
 
 
1,977,422

Total assets less current liabilities
  
3,127,481
2,925,454

Creditors: amounts falling due after more than one year
 8 
(361,727)
(439,547)

Provisions for liabilities
  

Deferred tax
 9 
(91,382)
(56,238)

  
 
 
(91,382)
 
 
(56,238)

Net assets
  
2,674,372
2,429,669

Page 1

 
ESI TECHNOLOGY LIMITED
REGISTERED NUMBER: 02523392
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 10 
221,313
221,313

Investment property reserve
  
41,315
-

Profit and loss account
  
2,411,744
2,208,356

  
2,674,372
2,429,669


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 by: 




................................................
J Kühner
Director

Date: 23 May 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ESI Technology Limited is a private company, limited by shares, incorporated in England & Wales,
registration number 02523392. The registered office is at Sensor House, Wrexham Technology Park,
Wrexham LL13 7YP. 
The principal activity of the company is the manufacturing and distribution of pressure transducers, pressure transmitters, strain gauges and wireless systems.

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

Going concern

The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.
SUCO Beteiligungs GmbH, the Company's parent, have confirmed that they will provide financial support to the Company for the foreseeable future, including a period of at least one year from the date of approval of these financial statements.
The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

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.

Page 3

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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, which range from 3 to 6 years.
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.

 
2.6

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.

Page 4

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
5%
on cost
Plant and machinery
-
10%
on net book value
Motor vehicles
-
25%
on net book value
Fixtures and fittings
-
10%
on net book value
Office equipment
-
25%
on cost

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.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the Directors on an open market basis, using appropriate valuation techniques and assumptions consistent with market conditions, with the aid of external valuers. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 6

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 53 (2022 - 49).

Page 7

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
664,764
521,998
13,725
112,247
388,513
1,701,247


Additions
-
67,738
-
2,635
49,681
120,054



At 31 December 2023

664,764
589,736
13,725
114,882
438,194
1,821,301



Depreciation


At 1 January 2023
442,436
341,681
13,145
77,314
373,552
1,248,128


Charge for the year on owned assets
19,596
13,588
145
3,549
18,333
55,211



At 31 December 2023

462,032
355,269
13,290
80,863
391,885
1,303,339



Net book value



At 31 December 2023
202,732
234,467
435
34,019
46,309
517,962



At 31 December 2022
222,328
180,317
580
34,933
14,961
453,119

Page 8

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
494,913


Surplus on revaluation
55,087



At 31 December 2023
550,000

The 2023 valuations were made by the company's directors, on an open market value for existing use basis.



At 31 December 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
494,913
494,913

494,913
494,913

Page 9

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
178,646
178,646

178,646
178,646


2023
2022
£
£

Due within one year

Trade debtors
920,813
827,003

Other debtors
30,292
35,842

Prepayments and accrued income
19,518
27,577

970,623
890,422



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
892,934
328,621

Amounts owed to group undertakings
63,568
61,692

Other taxation and social security
56,025
50,659

Other creditors
50,605
8,257

Accruals and deferred income
112,368
9,412

1,175,500
458,641



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
360,037
434,440

Accruals and deferred income
1,690
5,107

361,727
439,547


Page 10

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
122,408


Charged to profit or loss
(35,144)



At end of year
87,264

The deferred tax balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(77,610)
(56,238)

Tax losses carried forward
178,646
178,646

On revalued properties
(13,772)
-

87,264
122,408

Comprising:

Asset
178,646
178,646

Liability
(91,382)
(56,238)

87,264
122,408


Page 11

 
ESI TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



221,313 (2022 - 221,313) Ordinary shares shares of £1 each
221,313
221,313



11.


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 £34,853 (2022 -
£29,748). Contributions totalling £0 (2022 - £0) were payable to the fund at the balance sheet
date


12.


Controlling party

The company's ultimate controlling party is SUCO Beteiligungs GmbH.


13.


Auditors' information

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

The qualification in the audit report was as follows:
The Company was not subject to an audit in the year to 31 December 2021 and thus we did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2021 of £949,430. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2021 was necessary of whether there was any consequential effect on the cost of sales and therefore also closing reserves for the year ended 31 December 2022 which may be materially misstated for the same reasons.
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are included in the balance sheet at £1,123,854, by using other audit procedures. Consequently we are unable to determine whether any adjustment to this amount, or the consequential effect on the cost of sales and therefore also closing reserves was necessary.

The audit report was signed on 24 May 2024 by John Fletcher BA FCA (Senior statutory auditor) on behalf of WR Partners.

 
Page 12