Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity2023-01-01false3531truetruefalse 02710367 2023-01-01 2023-12-31 02710367 2022-01-01 2022-12-31 02710367 2023-12-31 02710367 2022-12-31 02710367 2022-01-01 02710367 c:CompanySecretary1 2023-01-01 2023-12-31 02710367 c:Director1 2023-01-01 2023-12-31 02710367 c:Director2 2023-01-01 2023-12-31 02710367 c:Director3 2023-01-01 2023-12-31 02710367 c:Director4 2023-01-01 2023-12-31 02710367 c:RegisteredOffice 2023-01-01 2023-12-31 02710367 d:Buildings 2023-01-01 2023-12-31 02710367 d:Buildings 2023-12-31 02710367 d:Buildings 2022-12-31 02710367 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02710367 d:Buildings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02710367 d:LandBuildings 2023-12-31 02710367 d:LandBuildings 2022-12-31 02710367 d:PlantMachinery 2023-01-01 2023-12-31 02710367 d:PlantMachinery 2023-12-31 02710367 d:PlantMachinery 2022-12-31 02710367 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02710367 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02710367 d:MotorVehicles 2023-01-01 2023-12-31 02710367 d:MotorVehicles 2023-12-31 02710367 d:MotorVehicles 2022-12-31 02710367 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02710367 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02710367 d:OfficeEquipment 2023-01-01 2023-12-31 02710367 d:OfficeEquipment 2023-12-31 02710367 d:OfficeEquipment 2022-12-31 02710367 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02710367 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02710367 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02710367 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02710367 d:CurrentFinancialInstruments 2023-12-31 02710367 d:CurrentFinancialInstruments 2022-12-31 02710367 d:Non-currentFinancialInstruments 2023-12-31 02710367 d:Non-currentFinancialInstruments 2022-12-31 02710367 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02710367 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02710367 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02710367 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02710367 d:ShareCapital 2023-12-31 02710367 d:ShareCapital 2022-12-31 02710367 d:RevaluationReserve 2023-01-01 2023-12-31 02710367 d:RevaluationReserve 2023-12-31 02710367 d:RevaluationReserve 2022-12-31 02710367 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02710367 d:RetainedEarningsAccumulatedLosses 2023-12-31 02710367 d:RetainedEarningsAccumulatedLosses 2022-12-31 02710367 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02710367 c:OrdinaryShareClass1 2023-12-31 02710367 c:OrdinaryShareClass1 2022-12-31 02710367 c:FRS102 2023-01-01 2023-12-31 02710367 c:Audited 2023-01-01 2023-12-31 02710367 c:FullAccounts 2023-01-01 2023-12-31 02710367 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02710367 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02710367 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02710367 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02710367 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 02710367 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 02710367 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 02710367 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 02710367 d:LeasedAssetsHeldAsLessee 2023-12-31 02710367 d:LeasedAssetsHeldAsLessee 2022-12-31 02710367 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02710367







METRICAB POWER ENGINEERING LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
METRICAB POWER ENGINEERING LIMITED
 

COMPANY INFORMATION


Directors
C E Thatcher 
C R Skelley 
T S Schifano 
K L Lumley 




Company secretary
C E Thatcher



Registered number
02710367



Registered office
Riverside House
Sedgwick Lane

Horsham

West Sussex

RH13 6QE




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
METRICAB POWER ENGINEERING LIMITED
REGISTERED NUMBER: 02710367

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
960,583
988,486

  
960,583
988,486

Current assets
  

Stocks
 5 
219,156
237,085

Debtors: amounts falling due within one year
 6 
2,060,112
1,138,721

Cash at bank and in hand
 7 
515,692
765,326

  
2,794,960
2,141,132

Creditors: amounts falling due within one year
 8 
(2,360,132)
(1,858,185)

Net current assets
  
 
 
434,828
 
 
282,947

Total assets less current liabilities
  
1,395,411
1,271,433

Creditors: amounts falling due after more than one year
 9 
(30,126)
(45,729)

Provisions for liabilities
  

Deferred tax
 10 
(29,874)
(25,008)

  
 
 
(29,874)
 
 
(25,008)

Net assets
  
1,335,411
1,200,696


Capital and reserves
  

Called up share capital 
 11 
100
100

Revaluation reserve
 12 
480,000
480,000

Profit and loss account
 12 
855,311
720,596

  
1,335,411
1,200,696


Page 1

 
METRICAB POWER ENGINEERING LIMITED
REGISTERED NUMBER: 02710367

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 9 September 2024.




................................................
K L Lumley
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
METRICAB POWER ENGINEERING LIMITED
 

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

1.


General information

Metricab Power Engineering Limited is incorporated in England and Wales and limited by shares. The principal activity of the business is that of electrical contractors. The registered office address can be found within the company information page of these financial statements.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

Monetary amounts in these financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents the value, excluding Value Added Tax, of work carried out on electrical contracting services undertaken during the period.  Turnover is calculated as the proportion of total contract value completed at the balance sheet date. Revenues derived from variations to contracts are recognised only when they have been accepted by the customer, and the variations have been completed. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Where work has been completed but not yet invoiced, applications for work done are made and included in debtors as income.

 
2.3

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 3

 
METRICAB POWER ENGINEERING LIMITED
 

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

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
2.5% straight line
Plant and machinery
-
15 - 25% reducing balance
Motor vehicles
-
30% reducing balance
Office equipment
-
10 - 15% 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.

Depreciation is not provided on freehold land.

 
2.4

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
METRICAB POWER ENGINEERING LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.11

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.

 
2.12

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.

Page 5

 
METRICAB POWER ENGINEERING LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2022 - 31).

Page 6

 
METRICAB POWER ENGINEERING LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,000,000
346,573
320,802
132,702
1,800,077


Additions
-
27,100
17,500
-
44,600


Disposals
-
(37,750)
(47,611)
-
(85,361)



At 31 December 2023

1,000,000
335,923
290,691
132,702
1,759,316



Depreciation


At 1 January 2023
156,310
273,143
252,775
129,363
811,591


Charge for the year on owned assets
18,572
11,688
4,128
3,339
37,727


Charge for the year on financed assets
-
-
18,765
-
18,765


Disposals
-
(22,232)
(47,118)
-
(69,350)



At 31 December 2023

174,882
262,599
228,550
132,702
798,733



Net book value



At 31 December 2023
825,118
73,324
62,141
-
960,583



At 31 December 2022
843,690
73,430
68,027
3,339
988,486




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
825,118
843,690

825,118
843,690


Paragraph 35.10(d) of FRS 102 provides an optional exemption from restating the value of the property based on its original cost. The company has decided not to continue its policy of revaluation from the date of transition which was 1 August 2015, as permitted by FRS 102. The previously revalued amount is now used as its deemed cost. In order to comply with company law the revaluation reserve would be retained and the excess depreciation would continue to be offset against it.

Page 7

 
METRICAB POWER ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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
-
18,257

Motor vehicles
43,785
62,550

43,785
80,807


5.


Stocks

2023
2022
£
£

Stock
219,156
237,085

219,156
237,085



6.


Debtors

2023
2022
£
£


Trade debtors
1,725,069
1,077,395

Other debtors
-
1,000

Amounts recoverable on contract applications
335,043
60,326

2,060,112
1,138,721



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
515,692
765,326

Less: bank overdrafts
(11,678)
(42,343)

504,014
722,983


Page 8

 
METRICAB POWER ENGINEERING LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
11,678
42,343

Bank loans
9,805
9,590

Trade creditors
1,301,831
682,620

Amounts owed to connected company
-
2,225

Corporation tax
6,216
-

Other taxation and social security
173,687
136,268

Obligations under finance lease and hire purchase contracts
5,388
30,259

Other creditors
15,885
25,183

Accruals and deferred income
835,642
929,697

2,360,132
1,858,185


Included in creditors due within one year are secured bank overdrafts of £11,678 (2022 - £42,343) and secured hire purchase agreements of £5,388 (2022 - £30,259).


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,758
25,973

Net obligations under finance leases and hire purchase contracts
14,368
19,756

30,126
45,729


Included in creditors due after more than one year are secured hire purchase agreements of £14,368 (2022 - £19,756).


10.


Deferred taxation




2023
2022


£

£






At beginning of year
(25,008)
(28,719)


Charged to profit or loss
(4,866)
3,711



At end of year
(29,874)
(25,008)

Page 9

 
METRICAB POWER ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(29,874)
(25,008)

(29,874)
(25,008)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



12.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation was previously adopted. 
Paragraph 35.10(d) of FRS 102 provides an optional exemption from restating the value of the property based on its original cost. The company has decided not to continue its policy of revaluation as permitted by FRS 102. The revalued amount from the valuation as at 1 August 2015 is now used as its deemed cost. In order to comply with company law the revaluation reserve has been retained and any excess depreciation will be offset against it.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


13.


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 £63,948 (2022 - £92,176). There are contributions payable to the fund at the balance sheet date in the current amounting to £4,901 (2022 - £21,948).

Page 10

 
METRICAB POWER ENGINEERING LIMITED
 

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

14.


Related party transactions

During the year the company purchased goods and services of £1,238 (2022 - £3,413) from Eurotech Mouldings Limited, a company in which the close family members of C E Thatcher and C R Skelley have a 50% interest. At the balance sheet date £nil (2022 - £2,225) included in creditors was due to Eurotech Mouldings Limited. 
At the balance sheet date the company was owed to the directors an amount of £3,000 (2022 - £1,000 owed by the directors).


15.


Controlling party

At the balance sheet date there is no ultimate controlling party.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 9 September 2024 by Philip Munk FCA FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


Page 11