Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31false442022-11-01electrical and electronic engineers39truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02640665 2022-11-01 2023-10-31 02640665 2021-11-01 2022-10-31 02640665 2023-10-31 02640665 2022-10-31 02640665 2021-11-01 02640665 1 2022-11-01 2023-10-31 02640665 1 2021-11-01 2022-10-31 02640665 5 2022-11-01 2023-10-31 02640665 5 2021-11-01 2022-10-31 02640665 7 2022-11-01 2023-10-31 02640665 7 2021-11-01 2022-10-31 02640665 d:Director2 2022-11-01 2023-10-31 02640665 e:Buildings 2022-11-01 2023-10-31 02640665 e:Buildings 2023-10-31 02640665 e:Buildings 2022-10-31 02640665 e:Buildings e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02640665 e:Buildings e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 02640665 e:PlantMachinery 2022-11-01 2023-10-31 02640665 e:PlantMachinery 2023-10-31 02640665 e:PlantMachinery 2022-10-31 02640665 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02640665 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 02640665 e:MotorVehicles 2022-11-01 2023-10-31 02640665 e:MotorVehicles 2023-10-31 02640665 e:MotorVehicles 2022-10-31 02640665 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02640665 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 02640665 e:FurnitureFittings 2022-11-01 2023-10-31 02640665 e:FurnitureFittings 2023-10-31 02640665 e:FurnitureFittings 2022-10-31 02640665 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02640665 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 02640665 e:OfficeEquipment 2022-11-01 2023-10-31 02640665 e:OfficeEquipment 2023-10-31 02640665 e:OfficeEquipment 2022-10-31 02640665 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02640665 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 02640665 e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02640665 e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 02640665 e:CurrentFinancialInstruments 2023-10-31 02640665 e:CurrentFinancialInstruments 2022-10-31 02640665 e:CurrentFinancialInstruments 1 2023-10-31 02640665 e:CurrentFinancialInstruments 1 2022-10-31 02640665 e:Non-currentFinancialInstruments 2023-10-31 02640665 e:Non-currentFinancialInstruments 2022-10-31 02640665 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 02640665 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 02640665 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 02640665 e:Non-currentFinancialInstruments e:AfterOneYear 2022-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-10-31 02640665 e:ShareCapital 2023-10-31 02640665 e:ShareCapital 2022-10-31 02640665 e:RetainedEarningsAccumulatedLosses 2023-10-31 02640665 e:RetainedEarningsAccumulatedLosses 2022-10-31 02640665 d:FRS102 2022-11-01 2023-10-31 02640665 d:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 02640665 d:FullAccounts 2022-11-01 2023-10-31 02640665 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02640665 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 02640665 e:HirePurchaseContracts e:WithinOneYear 2022-10-31 02640665 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 02640665 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-10-31 02640665 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02640665 e:AcceleratedTaxDepreciationDeferredTax 2022-10-31 02640665 f:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 02640665









SEE TECH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
SEE TECH LIMITED
REGISTERED NUMBER: 02640665

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
247,464
110,977

Current assets
  

Stock and work in progress
  
421,306
302,157

Debtors: amounts falling due within one year
 6 
4,537,725
4,102,876

Cash at bank and in hand
 7 
1,507,517
544,716

  
6,466,548
4,949,749

Creditors: amounts falling due within one year
 8 
(4,106,313)
(3,052,332)

Net current assets
  
 
 
2,360,235
 
 
1,897,417

Total assets less current liabilities
  
2,607,699
2,008,394

Creditors: amounts falling due after more than one year
 9 
(236,316)
(246,143)

Provisions for liabilities
  

Deferred tax
 12 
(43,394)
(22,461)

Net assets
  
2,327,989
1,739,790


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,327,889
1,739,690

  
2,327,989
1,739,790


Page 1

 
SEE TECH LIMITED
REGISTERED NUMBER: 02640665
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 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 on 25 July 2024.




L Marshall
Director


The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
SEE TECH LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Operating profit
797,871
322,823

Adjustments for:

Depreciation of tangible assets
41,194
21,714

Loss on disposal of tangible assets
-
7,718

(Increase)/decrease in stocks
(119,148)
27,535

(Increase) in debtors
(391,341)
(1,192,162)

Decrease/(increase) in amounts owed by groups
-
(3,542)

Increase in creditors
848,278
742,910

Corporation tax (paid)/received
(230,364)
95,825

Net cash generated from operating activities

946,490
22,821


Cash flows from investing activities

Purchase of tangible fixed assets
(179,662)
(66,984)

Sale of tangible fixed assets
-
3,852

Interest received
588
-

HP interest paid
(2,046)
(919)

Net cash from investing activities

(181,120)
(64,051)

Cash flows from financing activities

Repayment of loans
(86,956)
(86,956)

Repayment of/new finance leases
94,347
12

Movements on invoice discounting
213,845
(233,362)

Dividends paid
-
(20,000)

Interest paid
(23,805)
(15,636)

Net cash used in financing activities
197,431
(355,942)

Net increase/(decrease) in cash and cash equivalents
962,801
(397,172)

Cash and cash equivalents at beginning of year
544,716
941,888

Cash and cash equivalents at the end of year
1,507,517
544,716


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,507,517
544,716


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

See Tech Limited is a private limited company incorporated and domiciled in England.  Its registered office is situated at Cromwell House, 68 West Gate, Mansfield, Nottinghamshire NG18 1RR.  Its principal place of business is Unit 1 Stonebroom Industrial Estate, Stonebroom, Alfreton, Derbyshire DE55 6LQ.
The principal activity of the company is that of electrical and electronic engineers.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Thus they continue to adopt the going concern basis of preparation of the financial statements.

 
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.

 
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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33% straight line

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

Stock and work in progress

Stock and work in progress 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

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 44 (2022 - 39).


4.


Dividends

2023
2022
£
£


Dividends paid
-
20,000

Page 6

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Leasehold property improve- ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2022
36,005
88,080
34,199
35,597
100,615
294,496


Additions
9,968
25,232
117,376
14,777
12,308
179,661



At 31 October 2023

45,973
113,312
151,575
50,374
112,923
474,157



Depreciation


At 1 November 2022
17,517
45,653
17,467
29,456
73,427
183,520


Charge for the year on owned assets
3,604
7,465
102
1,521
16,400
29,092


Charge for the year on financed assets
-
-
14,081
-
-
14,081



At 31 October 2023

21,121
53,118
31,650
30,977
89,827
226,693



Net book value



At 31 October 2023
24,852
60,194
119,925
19,397
23,096
247,464



At 31 October 2022
18,488
42,427
16,732
6,142
27,188
110,977

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:




Page 7

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Factored debts
2,929,807
2,688,731

Amounts owed by group undertakings
553,746
553,746

Other debtors
944,827
775,123

Prepayments and accrued income
109,345
85,276

4,537,725
4,102,876






Included within other debtors due within one year are loans totalling £707,532 (2022: £578,620) to directors of the company.  These loans are interest free with no fixed repayment terms.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,507,517
544,716



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
86,956
86,956

Trade creditors
2,518,810
1,658,885

Other taxation and social security
345,873
270,731

Obligations under finance lease and hire purchase contracts
20,117
2,899

Proceeds of factored debts
880,576
666,731

Other creditors
7,558
6,526

Accruals and deferred income
246,423
359,604

4,106,313
3,052,332


Obligations under finance leases and hire purchase contracts are secured on the related assets.
Proceeds of factored debts are secured on the sales ledger balances.  
The bank loan is a CBILS facility, secured by fixed and floating charges over the remaining assets of the company.

Page 8

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
152,174
239,131

Net obligations under finance leases and hire purchase contracts
84,142
7,012

236,316
246,143



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
86,956
86,956

Amounts falling due 1-2 years

Bank loans
86,956
86,956

Amounts falling due 2-5 years

Bank loans
65,218
152,174


239,130
326,086


This loan is a CBILS facility.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
20,117
2,899

Between 1-5 years
84,142
7,012

104,259
9,911

Page 9

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Deferred taxation




2023


£






At beginning of year
22,461


Charged to profit or loss
20,933



At end of year
43,394

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
43,394
22,461


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 £31,834 (2022 - £27,347). Contributions totalling £7,558 (2022 - £6,526) were payable to the fund at the balance sheet date


14.


Controlling party

The company is a wholly owned subsidiary of Jarral Holdings Limited, a private limited company incorporated and domiciled in England. 
J E Hewes holds the controlling interest in Jarral Holdings Limited and is therefore the ultimate controlling party of See Tech Limited.

 
Page 10