Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue2023-01-01falseNo description of principal activity6156The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01172026 2023-01-01 2023-12-31 01172026 2022-01-01 2022-12-31 01172026 2023-12-31 01172026 2022-12-31 01172026 c:Director3 2023-01-01 2023-12-31 01172026 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 01172026 d:Buildings d:ShortLeaseholdAssets 2023-12-31 01172026 d:Buildings d:ShortLeaseholdAssets 2022-12-31 01172026 d:PlantMachinery 2023-01-01 2023-12-31 01172026 d:PlantMachinery 2023-12-31 01172026 d:PlantMachinery 2022-12-31 01172026 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01172026 d:MotorVehicles 2023-01-01 2023-12-31 01172026 d:MotorVehicles 2023-12-31 01172026 d:MotorVehicles 2022-12-31 01172026 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01172026 d:OfficeEquipment 2023-01-01 2023-12-31 01172026 d:ComputerEquipment 2023-01-01 2023-12-31 01172026 d:ComputerEquipment 2023-12-31 01172026 d:ComputerEquipment 2022-12-31 01172026 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01172026 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01172026 d:CurrentFinancialInstruments 2023-12-31 01172026 d:CurrentFinancialInstruments 2022-12-31 01172026 d:Non-currentFinancialInstruments 2023-12-31 01172026 d:Non-currentFinancialInstruments 2022-12-31 01172026 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01172026 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01172026 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01172026 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01172026 d:ShareCapital 2023-12-31 01172026 d:ShareCapital 2022-12-31 01172026 d:SharePremium 2023-12-31 01172026 d:SharePremium 2022-12-31 01172026 d:RetainedEarningsAccumulatedLosses 2023-12-31 01172026 d:RetainedEarningsAccumulatedLosses 2022-12-31 01172026 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01172026 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01172026 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01172026 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01172026 d:OtherDeferredTax 2023-12-31 01172026 d:OtherDeferredTax 2022-12-31 01172026 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01172026 c:OrdinaryShareClass1 2023-12-31 01172026 c:OrdinaryShareClass1 2022-12-31 01172026 c:FRS102 2023-01-01 2023-12-31 01172026 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01172026 c:FullAccounts 2023-01-01 2023-12-31 01172026 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01172026 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 01172026 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 01172026 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 01172026 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 01172026 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 01172026 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 01172026 d:LeasedAssetsHeldAsLessee 2023-12-31 01172026 d:LeasedAssetsHeldAsLessee 2022-12-31 01172026 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 01172026








PRECISION ALUMINIUM CASTING & ENGINEERING LTD






UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
REGISTERED NUMBER: 01172026

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,345,316
1,070,694

  
1,345,316
1,070,694

Current assets
  

Stocks
 5 
641,802
525,942

Debtors: amounts falling due after more than one year
 6 
59,549
69,534

Debtors: amounts falling due within one year
 6 
749,436
705,283

Cash at bank and in hand
 7 
1,548
24,523

  
1,452,335
1,325,282

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,379,389)
(1,177,514)

Net current assets
  
 
 
72,946
 
 
147,768

Total assets less current liabilities
  
1,418,262
1,218,462

Creditors: amounts falling due after more than one year
 9 
(746,487)
(339,135)

Provisions for liabilities
  

Deferred tax
 11 
(178,883)
(219,070)

  
 
 
(178,883)
 
 
(219,070)

Net assets
  
492,892
660,257


Capital and reserves
  

Called up share capital 
 12 
5,556
5,556

Share premium account
  
82,743
82,743

Profit and loss account
  
404,593
571,958

  
492,892
660,257


Page 1

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
REGISTERED NUMBER: 01172026

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 period 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 comprehensive income 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: 

K Davis
Director

Date: 3 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Precision Aluminium Casting & Engineering Ltd is a private company limited by shares, registered in England and Wales. The company's registered office address is Bond Street, Southampton, England, SO14 5QA.

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

Revenue

Turnover comprises the invoiced value of goods and services supplied by the Company, net of Value Added Tax and trade discounts.

 
2.3

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.

 
2.4

Current and deferred taxation

The tax expense for the period 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.

Page 3

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

Depreciation is provided on the following basis:

Land and buildings
-
Over the remaining lease term
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and laibilities like trade and other debtors and creditors, loans from banks and other
third parties and loans to related parties.

  
2.9

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.


3.


Employees

The average monthly number of employees, including directors, during the period was 61 (2022 - 56).

Page 4

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
242,716
2,707,898
49,937
154,470
3,155,021


Additions
199,875
276,948
3,097
22,001
501,921


Disposals
-
(47,000)
(24,387)
-
(71,387)



At 31 December 2023

442,591
2,937,846
28,647
176,471
3,585,555



Depreciation


At 1 January 2023
79,411
1,860,864
16,585
127,467
2,084,327


Charge for the period on owned assets
4,379
190,245
8,094
9,157
211,875


Disposals
-
(39,433)
(16,530)
-
(55,963)



At 31 December 2023

83,790
2,011,676
8,149
136,624
2,240,239



Net book value



At 31 December 2023
358,801
926,170
20,498
39,847
1,345,316



At 31 December 2022
163,305
847,034
33,352
27,003
1,070,694

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


2023
2022
£
£



Plant and machinery
185,804
305,862

185,804
305,862


5.


Stocks

2023
2022
£
£

Stocks and work in progress
641,802
525,942


Page 5

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
59,549
69,534


2023
2022
£
£

Due within one year

Trade debtors
686,829
649,264

Other debtors
726
7,000

Prepayments and accrued income
61,881
49,019

749,436
705,283



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,548
24,523



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
16,600
16,600

Other loans
670,053
431,158

Trade creditors
263,993
538,390

Other taxation and social security
198,807
48,799

Obligations under finance lease and hire purchase contracts
48,511
64,788

Other creditors
29,033
34,012

Accruals and deferred income
152,392
43,767

1,379,389
1,177,514


Included in the creditors above are unpaid pensions of £3,902 (2022 - £10,510).

Page 6

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,900
41,500

Net obligations under finance leases and hire purchase contracts
84,353
33,488

Amounts owed to group undertakings
637,234
264,147

746,487
339,135



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
48,511
64,788

Between 1-5 years
84,353
33,488

132,864
98,276

The hire purchase agreements are secured against the individual assets to which they relate.


11.


Deferred taxation




2023


£






At beginning of period
(219,070)


Charged to profit or loss
40,187



At end of year
(178,883)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(308,451)
(255,148)

Tax losses carried forward
129,278
35,084

Short term timing differences
290
994

(178,883)
(219,070)

Page 7

 
PRECISION ALUMINIUM CASTING & ENGINEERING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



11,111 (2022 - 11,111) Ordinary shares of £0.50 each
5,556
5,556



13.


Related party transactions

The directors have taken advange of the provisions of FRS 102 section 33.1A by not disclosing intercompany transactions and balances with other group companies.


14.


Controlling party and individual

The ultimate parent Company is Enhanced Engineering Group Limited.
In the opinion of the directors, Enhanced Engineering Group Limited is not controlled by any one person.


Page 8