Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31372023-04-01falseNo description of principal activity37truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC115965 2023-04-01 2024-03-31 SC115965 2022-04-01 2023-03-31 SC115965 2024-03-31 SC115965 2023-03-31 SC115965 c:CompanySecretary1 2023-04-01 2024-03-31 SC115965 c:Director1 2023-04-01 2024-03-31 SC115965 c:Director2 2023-04-01 2024-03-31 SC115965 c:RegisteredOffice 2023-04-01 2024-03-31 SC115965 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 SC115965 d:Buildings d:ShortLeaseholdAssets 2024-03-31 SC115965 d:Buildings d:ShortLeaseholdAssets 2023-03-31 SC115965 d:PlantMachinery 2023-04-01 2024-03-31 SC115965 d:PlantMachinery 2024-03-31 SC115965 d:PlantMachinery 2023-03-31 SC115965 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC115965 d:MotorVehicles 2023-04-01 2024-03-31 SC115965 d:MotorVehicles 2024-03-31 SC115965 d:MotorVehicles 2023-03-31 SC115965 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC115965 d:FurnitureFittings 2023-04-01 2024-03-31 SC115965 d:FurnitureFittings 2024-03-31 SC115965 d:FurnitureFittings 2023-03-31 SC115965 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC115965 d:OfficeEquipment 2023-04-01 2024-03-31 SC115965 d:OfficeEquipment 2024-03-31 SC115965 d:OfficeEquipment 2023-03-31 SC115965 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC115965 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC115965 d:CurrentFinancialInstruments 2024-03-31 SC115965 d:CurrentFinancialInstruments 2023-03-31 SC115965 d:Non-currentFinancialInstruments 2024-03-31 SC115965 d:Non-currentFinancialInstruments 2023-03-31 SC115965 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC115965 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC115965 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC115965 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC115965 d:ShareCapital 2024-03-31 SC115965 d:ShareCapital 2023-03-31 SC115965 d:CapitalRedemptionReserve 2024-03-31 SC115965 d:CapitalRedemptionReserve 2023-03-31 SC115965 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC115965 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC115965 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC115965 c:OrdinaryShareClass1 2024-03-31 SC115965 c:OrdinaryShareClass1 2023-03-31 SC115965 c:OrdinaryShareClass2 2023-04-01 2024-03-31 SC115965 c:OrdinaryShareClass2 2024-03-31 SC115965 c:OrdinaryShareClass2 2023-03-31 SC115965 c:FRS102 2023-04-01 2024-03-31 SC115965 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC115965 c:FullAccounts 2023-04-01 2024-03-31 SC115965 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC115965 d:WithinOneYear 2024-03-31 SC115965 d:WithinOneYear 2023-03-31 SC115965 d:BetweenOneFiveYears 2024-03-31 SC115965 d:BetweenOneFiveYears 2023-03-31 SC115965 7 2023-04-01 2024-03-31 SC115965 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC115965










PROCESSPLUS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
PROCESSPLUS LTD
 

COMPANY INFORMATION


DIRECTORS
Mr S Sinclair 
Mrs L Mcleod 




COMPANY SECRETARY
Mrs L McLeod



REGISTERED NUMBER
SC115965



REGISTERED OFFICE
Unit 10
Dickson Street

Elgin Industrial Estate

Dunfermline

Fife

KY12 7SL




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
PROCESSPLUS LTD
REGISTERED NUMBER:SC115965

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
141,826
149,747

  
141,826
149,747

Current assets
  

Stocks
  
106,098
74,904

Debtors: amounts falling due within one year
 5 
1,369,776
1,086,158

Cash at bank and in hand
  
1,230,405
947,433

  
2,706,279
2,108,495

Creditors: amounts falling due within one year
 6 
(2,076,420)
(1,499,272)

Net current assets
  
 
 
629,859
 
 
609,223

Total assets less current liabilities
  
771,685
758,970

Creditors: amounts falling due after more than one year
 7 
(16,745)
(94,257)

Provisions for liabilities
  

Deferred tax
  
(33,136)
(34,577)

  
 
 
(33,136)
 
 
(34,577)

Net assets
  
721,804
630,136


Capital and reserves
  

Called up share capital 
 8 
252,679
252,679

Capital redemption reserve
  
403
403

Profit and loss account
  
468,722
377,054

  
721,804
630,136

Page 1

 
PROCESSPLUS LTD
REGISTERED NUMBER:SC115965

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 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 on 5 July 2024.




Mr S Sinclair
Director

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

Page 2

 
PROCESSPLUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1.


General information

Processplus Limited is a private company, limited by shares and incorporated in Scotland, registration number SC115965.  The registered office address is Unit 10 Dickson Street, Elgin Industrial Estate, Dunfermline, Fife, KY12 7SL.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements.  Thus the directors continue to adopt the going concern basis of accounting in preparing the 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

 
PROCESSPLUS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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.

 
2.5

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.

 
2.6

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 Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Borrowing costs

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

Page 4

 
PROCESSPLUS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

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

 
2.9

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 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.
Page 5

 
PROCESSPLUS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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:

Property improvements
-
10%
Plant and machinery
-
20% - 50%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%

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.

 
2.11

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 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.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 
PROCESSPLUS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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 37 (2023 - 37).

Page 7

 
PROCESSPLUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


4.


Tangible fixed assets





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

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
58,804
112,427
192,062
45,918
127,139
536,350


Additions
-
-
22,750
9,600
5,075
37,425



At 31 March 2024

58,804
112,427
214,812
55,518
132,214
573,775



Depreciation


At 1 April 2023
42,313
62,431
129,789
38,840
113,230
386,603


Charge for the year on owned assets
3,298
12,532
20,973
1,883
6,660
45,346



At 31 March 2024

45,611
74,963
150,762
40,723
119,890
431,949



Net book value



At 31 March 2024
13,193
37,464
64,050
14,795
12,324
141,826



At 31 March 2023
16,491
49,996
62,273
7,078
13,909
149,747

Page 8

 
PROCESSPLUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


5.


Debtors

2024
2023
£
£


Trade debtors
1,157,022
777,921

Other debtors
14,714
10,949

Prepayments and accrued income
64,021
71,490

Amounts recoverable on long term contracts
134,019
225,798

1,369,776
1,086,158





6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
1,342,512
1,003,321

Other taxation and social security
405,420
279,247

Obligations under finance lease and hire purchase contracts
2,520
2,438

Other creditors
40,131
21,120

Accruals and deferred income
275,837
183,146

2,076,420
1,499,272


Obligations under finance lease and hire purchase contracts falling due within one year are secured over the assets to which they relate.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,000
25,000

Net obligations under finance leases and hire purchase contracts
1,745
4,265

Other creditors
-
64,992

16,745
94,257


Net obligations under finance leases and hire purchase contracts falling due after one year are secured over the assets to which they relate. 

Page 9

 
PROCESSPLUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,849 (2023 - 3,849) Ordinary shares of £1.00 each
3,849
3,849
248,830 (2023 - 248,830) Redeemable Preference shares of £1.00 each
248,830
248,830

252,679

252,679



9.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
167,957
128,626

Later than 1 year and not later than 5 years
80,142
118,372

248,099
246,998


10.


Controlling party

The company's ultimate holding company is Processplus Group Limited (SC224205), a company registered in Scotland. Their registered office is Unit 10, Dickson Street, Elgin Industrial Estate, Dunfermline, KY12 7SL.

Page 10