Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01falseNo description of principal activity65truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01812041 2022-12-01 2023-11-30 01812041 2021-12-01 2022-11-30 01812041 2023-11-30 01812041 2022-11-30 01812041 c:Director1 2022-12-01 2023-11-30 01812041 d:CurrentFinancialInstruments 2023-11-30 01812041 d:CurrentFinancialInstruments 2022-11-30 01812041 d:Non-currentFinancialInstruments 2023-11-30 01812041 d:Non-currentFinancialInstruments 2022-11-30 01812041 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01812041 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01812041 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01812041 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01812041 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 01812041 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 01812041 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 01812041 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 01812041 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-11-30 01812041 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-11-30 01812041 d:ShareCapital 2023-11-30 01812041 d:ShareCapital 2022-11-30 01812041 d:SharePremium 2023-11-30 01812041 d:SharePremium 2022-11-30 01812041 d:RetainedEarningsAccumulatedLosses 2023-11-30 01812041 d:RetainedEarningsAccumulatedLosses 2022-11-30 01812041 c:OrdinaryShareClass1 2022-12-01 2023-11-30 01812041 c:OrdinaryShareClass1 2023-11-30 01812041 c:OrdinaryShareClass1 2022-11-30 01812041 c:FRS102 2022-12-01 2023-11-30 01812041 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01812041 c:FullAccounts 2022-12-01 2023-11-30 01812041 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01812041 d:WithinOneYear 2023-11-30 01812041 d:WithinOneYear 2022-11-30 01812041 d:BetweenOneFiveYears 2023-11-30 01812041 d:BetweenOneFiveYears 2022-11-30 01812041 2 2022-12-01 2023-11-30 01812041 6 2022-12-01 2023-11-30 01812041 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01812041










APPLIED DESIGN AND ENGINEERING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
APPLIED DESIGN AND ENGINEERING LIMITED
REGISTERED NUMBER: 01812041

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1,280,064
1,280,064

  
1,280,064
1,280,064

Current assets
  

Debtors: amounts falling due within one year
 5 
609,156
361,104

Cash at bank and in hand
  
305
1,397

  
609,461
362,501

Creditors: amounts falling due within one year
 6 
(3,420,078)
(2,600,512)

Net current liabilities
  
 
 
(2,810,617)
 
 
(2,238,011)

Total assets less current liabilities
  
(1,530,553)
(957,947)

Creditors: amounts falling due after more than one year
 7 
(3,656,131)
(4,061,519)

  

Net liabilities
  
(5,186,684)
(5,019,466)


Capital and reserves
  

Called up share capital 
 9 
1,408
1,324

Share premium account
  
10,295,995
10,128,079

Profit and loss account
  
(15,484,087)
(15,148,869)

  
(5,186,684)
(5,019,466)


Page 1

 
APPLIED DESIGN AND ENGINEERING LIMITED
REGISTERED NUMBER: 01812041
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 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 income statement 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: 




................................................
I D Wood
Director

Date: 28 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Applied Design and Engineering Limited is a private company limited by shares and incorporated in England, registration number 01812041. The registered office is 45 Pinbush Road, South Lowestoft Industrial Estate, Lowestoft, Suffolk NR33 7NL.

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have considered the Company and Group's financial position at the time of signing the financial statements, taking into account the Company’s net liability position at the year end. 
Following the year end, the Group is refocusing its activities to improve profitability. Projections have been prepared, which take account of the sales pipeline and cost savings made in recent months. 
Furthermore, the Group is in the process of exploring other financing opportunities. The directors have a reasonable expectation that further funds could also be raised from shareholders should they be required. The directors also believe the Group has a significant asset in terms of protected IP as well as a supportive banking relationship.
Based on these factors, the directors have a reasonable expectation that the Company and Group will be able to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. The directors have therefore adopted the going concern basis of accounting in preparing these financial statements.

Page 3

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Income Statement 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.

 
2.6

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. 
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.

 
2.7

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Income Statement 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

Page 4

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.12

Taxation

Tax is recognised in the Income Statement 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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 5

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

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 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 6 (2022 - 5).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 December 2022
1,413,435



At 30 November 2023

1,413,435



Impairment


At 1 December 2022
133,371



At 30 November 2023

133,371



Net book value



At 30 November 2023
1,280,064



At 30 November 2022
1,280,064

Page 6

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
16
13

Amounts owed by group undertakings
587,412
316,005

Other debtors
17,607
32,407

Prepayments and accrued income
4,121
12,679

609,156
361,104


Amounts owed by group undertakings of £587,412 (2022: £316,005) are disclosed as debtors due within one year on the basis that no formal loan agreements are in place. However, these loans are not expected to be recalled within the next 12 months.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
455,388
95,000

Trade creditors
116,308
152,922

Amounts owed to group undertakings
1,545,559
1,310,566

Other taxation and social security
5,677
4,485

Other creditors
40,772
21,200

Accruals and deferred income
1,256,374
1,016,339

3,420,078
2,600,512


Other loans of £247,231 (2022: £95,000) are secured by way of fixed and floating charges over the assets of the Company.
Amounts owed to group undertakings of £1,545,559 (2022: £1,310,566) are disclosed as creditors due within one year on the basis that no formal loan agreements are in place. However, these loans are not expected to be recalled within the next 12 months.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
3,656,131
4,061,519


Other loans of £1,764,001 (2022: £1,961,231) are secured by way of fixed and floating charges over the assets of the Company.

Page 7

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
455,388
95,000

Amounts falling due 1-2 years

Other loans
1,055,647
535,388

Amounts falling due 2-5 years

Other loans
2,600,484
3,210,829

Amounts falling due after more than 5 years

Other loans
-
315,302

4,111,519
4,156,519



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



140,844 (2022 - 132,444) Ordinary shares of £0.01 each
1,408
1,324


During the year, in order to provide additional working capital, the Company allotted 8,400 Ordinary shares of 1p each at an average price of £20.00 per share. These shares have been fully paid up.


10.


Contingent liabilities

The Company, together with Adande Refrigeration Limited and Adande Aircell Limited, has given guarantees to its bankers in respect of monies due to the bank by the parties to the guarantees. At 30 November 2023 the contingent liability in respect of the agreement amounted to £785,676 (2022: £1,094,207).

Page 8

 
APPLIED DESIGN AND ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Commitments under operating leases

At 30 November 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
60,125
64,864

Later than 1 year and not later than 5 years
37,531
97,656

97,656
162,520

 
Page 9