Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-318false102022-09-01falseElectrical manufacturertrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03159227 2022-09-01 2023-08-31 03159227 2021-09-01 2022-08-31 03159227 2023-08-31 03159227 2022-08-31 03159227 c:Director2 2022-09-01 2023-08-31 03159227 d:Buildings d:ShortLeaseholdAssets 2022-09-01 2023-08-31 03159227 d:Buildings d:ShortLeaseholdAssets 2023-08-31 03159227 d:Buildings d:ShortLeaseholdAssets 2022-08-31 03159227 d:PlantMachinery 2022-09-01 2023-08-31 03159227 d:PlantMachinery 2023-08-31 03159227 d:PlantMachinery 2022-08-31 03159227 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 03159227 d:FurnitureFittings 2022-09-01 2023-08-31 03159227 d:FurnitureFittings 2023-08-31 03159227 d:FurnitureFittings 2022-08-31 03159227 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 03159227 d:ComputerEquipment 2022-09-01 2023-08-31 03159227 d:ComputerEquipment 2023-08-31 03159227 d:ComputerEquipment 2022-08-31 03159227 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 03159227 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 03159227 d:CurrentFinancialInstruments 2023-08-31 03159227 d:CurrentFinancialInstruments 2022-08-31 03159227 d:Non-currentFinancialInstruments 2023-08-31 03159227 d:Non-currentFinancialInstruments 2022-08-31 03159227 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 03159227 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 03159227 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 03159227 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 03159227 d:ShareCapital 2023-08-31 03159227 d:ShareCapital 2022-08-31 03159227 d:RetainedEarningsAccumulatedLosses 2023-08-31 03159227 d:RetainedEarningsAccumulatedLosses 2022-08-31 03159227 c:FRS102 2022-09-01 2023-08-31 03159227 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 03159227 c:FullAccounts 2022-09-01 2023-08-31 03159227 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 03159227 2 2022-09-01 2023-08-31 03159227 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 03159227










PEAK CIRCUIT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
PEAK CIRCUIT LIMITED
REGISTERED NUMBER: 03159227

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,589
4,413

  
1,589
4,413

Current assets
  

Stocks
  
23,221
27,841

Debtors: amounts falling due within one year
 6 
188,392
243,251

  
211,613
271,092

Creditors: amounts falling due within one year
 8 
(447,672)
(395,830)

Net current liabilities
  
 
 
(236,059)
 
 
(124,738)

Total assets less current liabilities
  
(234,470)
(120,325)

Creditors: amounts falling due after more than one year
 9 
(23,892)
(33,180)

  

Net liabilities
  
(258,362)
(153,505)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(258,462)
(153,605)

  
(258,362)
(153,505)


Page 1

 
PEAK CIRCUIT LIMITED
REGISTERED NUMBER: 03159227
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 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: 




................................................
M B Kirkland
Director

Date: 30 August 2024

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

Page 2

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Peak Circuit Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03159227. The registered office is Charnwood Building Loughborough University, Holywell Park, Ashby Road, Loughborough, Leicestershire, LE11 3AQ.
Principal activity
The principal activity of the Company throughout the year was that of electrical manufacturer.

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 Company's functional and presentational currency is British Pounds Sterling (£).

The following principal accounting policies have been applied:


3.


Going concern

The Company is supported by the shareholders and directors of the Company, who will continue to support the Company for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.






Page 3

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
3.1

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.

Rendering of services

Revenue 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 revenue 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.

 
3.2

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.

 
3.3

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.

 
3.4

Interest income

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

Page 4

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
3.5

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.

 
3.6

Borrowing costs

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

 
3.7

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.

 
3.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Property improvements
-
75%
and 5% straight line per annum
Plant and machinery
-
20%
Straight line per annum
Fixtures and fittings
-
20%
Straight line per annum
Computer equipment
-
33%
Straight line per annum

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.

Page 5

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
3.9

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.

 
3.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.11

Creditors

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

 
3.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at
Page 6

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


3.12
Financial instruments (continued)

the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


4.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 8).

Page 7

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Property improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
-
7,508
3,150
7,032
17,690


Additions
1,839
-
-
455
2,294


Disposals
-
(6,192)
(3,150)
(5,589)
(14,931)



At 31 August 2023

1,839
1,316
-
1,898
5,053



Depreciation


At 1 September 2022
-
5,939
2,444
4,894
13,277


Charge for the year
1,100
492
-
1,085
2,677


Disposals
-
(5,516)
(2,444)
(4,530)
(12,490)



At 31 August 2023

1,100
915
-
1,449
3,464



Net book value



At 31 August 2023
739
401
-
449
1,589



At 31 August 2022
-
1,569
706
2,138
4,413


6.


Debtors

2023
2022
£
£


Trade debtors
149,932
200,479

Amounts owed by group undertakings
37,336
34,050

Other debtors
-
7,055

Prepayments and accrued income
1,124
1,667

188,392
243,251


Page 8

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Cash and cash equivalents

2023
2022
£
£

Less: bank overdrafts
(32,523)
(58,617)

(32,523)
(58,617)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
32,523
58,617

Other loans
8,458
-

Trade creditors
102,198
98,911

Amounts owed to group undertakings
239,400
187,876

Other taxation and social security
56,087
45,581

Other creditors
5,778
2,285

Accruals and deferred income
3,228
2,560

447,672
395,830



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
23,892
33,180

23,892
33,180



10.Other financial commitments

The total operating lease commitments at the year end were £1,375 (2022 - £16,502).

Page 9

 
PEAK CIRCUIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Related party transactions

In accordance with FRS 102 35.1 AC the Company is exempt from the requirements to disclose transactions with wholly owned members of the group.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, section 1AC 35.
All transactions are considered to be at arms length.


12.


Controlling party

The immediate and ultimate parent undertaking of the Company is Mountain Iot Ltd. The registered office address and principal place of business is Charnwood Building, Holywell Park Loughborough University, Ashby Road, Loughborough, Leicestershire, LE11 3AQ.
The Company is the subsidiary undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts.

 
Page 10