Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31Electronic testing equipment62022-09-01false5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02744235 2022-09-01 2023-08-31 02744235 2021-09-01 2022-08-31 02744235 2023-08-31 02744235 2022-08-31 02744235 c:Director2 2022-09-01 2023-08-31 02744235 d:PlantMachinery 2022-09-01 2023-08-31 02744235 d:PlantMachinery 2023-08-31 02744235 d:PlantMachinery 2022-08-31 02744235 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02744235 d:MotorVehicles 2022-09-01 2023-08-31 02744235 d:MotorVehicles 2023-08-31 02744235 d:MotorVehicles 2022-08-31 02744235 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02744235 d:FurnitureFittings 2022-09-01 2023-08-31 02744235 d:FurnitureFittings 2023-08-31 02744235 d:FurnitureFittings 2022-08-31 02744235 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02744235 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02744235 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 02744235 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 02744235 d:CurrentFinancialInstruments 2023-08-31 02744235 d:CurrentFinancialInstruments 2022-08-31 02744235 d:Non-currentFinancialInstruments 2023-08-31 02744235 d:Non-currentFinancialInstruments 2022-08-31 02744235 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 02744235 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 02744235 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 02744235 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 02744235 d:ShareCapital 2023-08-31 02744235 d:ShareCapital 2022-08-31 02744235 d:RetainedEarningsAccumulatedLosses 2023-08-31 02744235 d:RetainedEarningsAccumulatedLosses 2022-08-31 02744235 c:FRS102 2022-09-01 2023-08-31 02744235 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 02744235 c:FullAccounts 2022-09-01 2023-08-31 02744235 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 02744235 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 02744235










S H M COMMUNICATIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
S H M COMMUNICATIONS LIMITED
REGISTERED NUMBER: 02744235

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
920
382

  
920
382

Current assets
  

Stocks
  
27,003
14,000

Debtors: amounts falling due within one year
 6 
231,486
110,068

Cash at bank and in hand
  
576
855

  
259,065
124,923

Creditors: amounts falling due within one year
 7 
(169,856)
(167,079)

Net current assets/(liabilities)
  
 
 
89,209
 
 
(42,156)

Total assets less current liabilities
  
90,129
(41,774)

Creditors: amounts falling due after more than one year
 8 
(19,231)
(29,099)

  

Net assets/(liabilities)
  
70,898
(70,873)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
69,898
(71,873)

  
70,898
(70,873)


Page 1

 
S H M COMMUNICATIONS LIMITED
REGISTERED NUMBER: 02744235
    
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 9 form part of these financial statements.

Page 2

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The entity is a private company, limited by shares, which is domiciled in England and Wales, registration number 02744235. The registered office is SHM Metering Loughborough University, Charnwood Building, Hollywell Park, Ashby Road, Loughborough, England, LE11 3AQ.
Principal activities
The principal activity of the Company during the year continued to be that of manufacture of electronic equipment.

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.

Page 3

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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

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.

 
2.5

Borrowing costs

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

 
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

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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.

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:

Plant and machinery
-
33%
Straight line per annum
Motor vehicles
-
25%
Straight line per annum
Fixtures and fittings
-
20%
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.

 
2.9

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.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.12

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.

 
2.13

Financial instruments

Page 5

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5)

Page 6

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Computer software

£



Cost


At 1 September 2022
110,282



At 31 August 2023

110,282



Amortisation


At 1 September 2022
110,282



At 31 August 2023

110,282



Net book value



At 31 August 2023
-



At 31 August 2022
-



Page 7

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 September 2022
35,800
26,584
19,648
82,032


Additions
758
-
-
758


Disposals
(35,227)
(26,584)
(19,648)
(81,459)



At 31 August 2023

1,331
-
-
1,331



Depreciation


At 1 September 2022
35,418
26,584
19,648
81,650


Charge for the year
220
-
-
220


Disposals
(35,227)
(26,584)
(19,648)
(81,459)



At 31 August 2023

411
-
-
411



Net book value



At 31 August 2023
920
-
-
920



At 31 August 2022
382
-
-
382


6.


Debtors

2023
2022
£
£


Trade debtors
64,146
107,440

Other debtors
164,450
-

Prepayments and accrued income
2,890
2,628

231,486
110,068


Page 8

 
S H M COMMUNICATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
9,947

Bank loans
9,868
8,478

Trade creditors
75,100
62,255

Other taxation and social security
35,942
30,251

Other creditors
27,111
31,142

Accruals and deferred income
21,835
25,006

169,856
167,079



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,231
29,099

19,231
29,099



9.


Related party transactions

In accordance with FRS 102 35.1AC the Company is exempt from the requirements to disclose transactions with other 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 33.


10.


Controlling party

The ultimate parent undertaking is Mountain IOT Ltd. The registered office and the principal place of business of Mountain IOT Ltd is Charnwood Building, Holywell Park Loughborough University, Ashby Road, Loughborough, Leicestershire, LE11 3AQ.

 
Page 9