Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-12-01falseNo description of principal activity3734truetruefalse 01500373 2022-12-01 2023-11-30 01500373 2021-12-01 2022-11-30 01500373 2023-11-30 01500373 2022-11-30 01500373 c:Director1 2022-12-01 2023-11-30 01500373 c:Director2 2022-12-01 2023-11-30 01500373 d:PlantMachinery 2022-12-01 2023-11-30 01500373 d:PlantMachinery 2023-11-30 01500373 d:PlantMachinery 2022-11-30 01500373 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01500373 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 01500373 d:MotorVehicles 2022-12-01 2023-11-30 01500373 d:MotorVehicles 2023-11-30 01500373 d:MotorVehicles 2022-11-30 01500373 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01500373 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 01500373 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01500373 d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 01500373 d:CurrentFinancialInstruments 2023-11-30 01500373 d:CurrentFinancialInstruments 2022-11-30 01500373 d:Non-currentFinancialInstruments 2023-11-30 01500373 d:Non-currentFinancialInstruments 2022-11-30 01500373 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01500373 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01500373 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01500373 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01500373 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 01500373 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 01500373 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 01500373 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 01500373 d:ShareCapital 2023-11-30 01500373 d:ShareCapital 2022-11-30 01500373 d:RetainedEarningsAccumulatedLosses 2023-11-30 01500373 d:RetainedEarningsAccumulatedLosses 2022-11-30 01500373 c:FRS102 2022-12-01 2023-11-30 01500373 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 01500373 c:FullAccounts 2022-12-01 2023-11-30 01500373 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01500373 2 2022-12-01 2023-11-30 01500373 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-11-30 01500373 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-11-30 01500373 d:LeasedAssetsHeldAsLessee 2023-11-30 01500373 d:LeasedAssetsHeldAsLessee 2022-11-30 01500373 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 01500373










PRINTECH CIRCUIT LABORATORIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRINTECH CIRCUIT LABORATORIES LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Printech Circuit Laboratories Limited for the year ended 30 November 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Printech Circuit Laboratories Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2013Our work has been undertaken solely to prepare for your approval the financial statements of Printech Circuit Laboratories Limited and state those matters that we have agreed to state to the Board of directors of Printech Circuit Laboratories Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Printech Circuit Laboratories Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Printech Circuit Laboratories Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Printech Circuit Laboratories Limited. You consider that Printech Circuit Laboratories Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Printech Circuit Laboratories Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff on Sea
Essex
SS0 9PE
27 August 2024
Page 1

 
PRINTECH CIRCUIT LABORATORIES LIMITED
REGISTERED NUMBER: 01500373

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,233,937
1,052,310

  
1,233,937
1,052,310

Current assets
  

Stocks
  
143,565
155,021

Debtors: amounts falling due within one year
 5 
1,855,100
1,521,268

Cash at bank and in hand
 6 
1,087,547
1,097,750

  
3,086,212
2,774,039

Creditors: amounts falling due within one year
 7 
(1,583,590)
(1,556,215)

Net current assets
  
 
 
1,502,622
 
 
1,217,824

Total assets less current liabilities
  
2,736,559
2,270,134

Creditors: amounts falling due after more than one year
 8 
(297,278)
(475,753)

Provisions for liabilities
  

Deferred tax
  
(213,642)
(149,769)

  
 
 
(213,642)
 
 
(149,769)

Net assets
  
2,225,639
1,644,612


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,225,539
1,644,512

  
2,225,639
1,644,612


Page 2

 
PRINTECH CIRCUIT LABORATORIES LIMITED
REGISTERED NUMBER: 01500373

BALANCE SHEET (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 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 27 August 2024.







R J Potts
M A Moon
Director
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Printech Circuit Laboratories Limited is a company limited by shares and incorporated in England and Wales.
Its registered office is 31-35 Haltwhistle Road, South Woodham Ferrers, Chelmsford, Essex, CM3 5ZA.

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

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 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.

 
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.

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.

 
2.5

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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

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

Page 5

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Development costs

Research and development costs are recorded when incurred. Costs are only capitalised when it can shown that there is a future economic benefit deriving from them.

 
2.12

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 6

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.12
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 both the straight line and reducing balance methods depending on asset class..

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25% straight line, 20% reducing balance and 20% straight line to residual value
Motor vehicles
-
25% reducing balance

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 7

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

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 (2022 - 34).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 December 2022
2,853,181
62,283
2,915,464


Additions
390,768
-
390,768


Disposals
(17,693)
-
(17,693)



At 30 November 2023

3,226,256
62,283
3,288,539



Depreciation


At 1 December 2022
1,830,329
32,825
1,863,154


Charge for the year on owned assets
158,604
6,753
165,357


Charge for the year on financed assets
37,375
612
37,987


Disposals
(11,896)
-
(11,896)



At 30 November 2023

2,014,412
40,190
2,054,602



Net book value



At 30 November 2023
1,211,844
22,093
1,233,937



At 30 November 2022
1,022,852
29,458
1,052,310

Page 8

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           4.Tangible fixed assets (continued)

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


2023
2022
£
£



Plant and machinery
149,494
186,869

149,494
186,869


5.


Debtors

2023
2022
£
£


Trade debtors excluding factored debts
426,354
127,977

Factored debts
1,333,623
1,161,027

Other debtors
33,837
115,995

Prepayments and accrued income
61,286
116,269

1,855,100
1,521,268









6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,087,547
1,097,750

1,087,547
1,097,750


Page 9

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
178,474
232,458

Trade creditors
289,945
351,916

Bills of exchange
791,543
776,009

Corporation tax
114,213
99,546

Other taxation and social security
114,317
29,791

Other creditors
95,098
66,495

1,583,590
1,556,215


Creditors include £178,474 (2022: £232,458) secured against chattels and specific assets.
Factored debts amount to £1,333,622 (2022: £1,161,02) are included within trade debtors. The amount received from the factoring company at 30 November 2023 amount to £791,543 (2022: £776,009).


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
297,278
475,753

297,278
475,753


Creditors include £297,278 (2022: £475,753) secured against chattels and specific assets.

Page 10

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
178,474
232,458


178,474
232,458

Amounts falling due 1-2 years

Other loans
173,991
178,474


173,991
178,474

Amounts falling due 2-5 years

Other loans
123,287
297,278


123,287
297,278


475,752
708,210



10.


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 £21,888 (2022 - £20,926). Contributions totalling £5,234 (2022 - £4,935) were payable to the fund at the balance sheet date and are included in creditors.


11.


Transactions with directors

Brought forward at 1 December 2022 was a loan to M A Moon, director, of £31,860. At 30 November 2023 a balance of £ 7,396 remains still outstanding including interest of £ 483, which has been charged at 2.25%.
 
 

Page 11

 
PRINTECH CIRCUIT LABORATORIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Related party transactions

During the year the company entered into transactions under normal commercial terms with the following:
RJP Trust Fund (the company's self administered pension scheme for the benefit of R J Potts).
 Rent  £84,000 (2023: £72,833)
 Debtor £4,599 (2022: £80)
R J Potts and M A Moon have both provided guarantees of £50,000 in respect of the amounts owed to the factoring company.
During the year dividends were voted as follows:
 M A Moon  £ 96,500 (2022: £153,000)
 R J Potts  £ 160,000 (2022: £203,000)


Page 12