Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity99falsefalse 02398977 2023-01-01 2023-12-31 02398977 2022-01-01 2022-12-31 02398977 2023-12-31 02398977 2022-12-31 02398977 c:Director2 2023-01-01 2023-12-31 02398977 d:Buildings 2023-01-01 2023-12-31 02398977 d:Buildings 2023-12-31 02398977 d:Buildings 2022-12-31 02398977 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02398977 d:PlantMachinery 2023-01-01 2023-12-31 02398977 d:PlantMachinery 2023-12-31 02398977 d:PlantMachinery 2022-12-31 02398977 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02398977 d:MotorVehicles 2023-01-01 2023-12-31 02398977 d:MotorVehicles 2023-12-31 02398977 d:MotorVehicles 2022-12-31 02398977 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02398977 d:FurnitureFittings 2023-01-01 2023-12-31 02398977 d:FurnitureFittings 2023-12-31 02398977 d:FurnitureFittings 2022-12-31 02398977 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02398977 d:OfficeEquipment 2023-01-01 2023-12-31 02398977 d:OfficeEquipment 2023-12-31 02398977 d:OfficeEquipment 2022-12-31 02398977 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02398977 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02398977 d:CurrentFinancialInstruments 2023-12-31 02398977 d:CurrentFinancialInstruments 2022-12-31 02398977 d:Non-currentFinancialInstruments 2023-12-31 02398977 d:Non-currentFinancialInstruments 2022-12-31 02398977 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02398977 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02398977 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02398977 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 02398977 d:ShareCapital 2023-12-31 02398977 d:ShareCapital 2022-12-31 02398977 d:CapitalRedemptionReserve 2023-12-31 02398977 d:CapitalRedemptionReserve 2022-12-31 02398977 d:RetainedEarningsAccumulatedLosses 2023-12-31 02398977 d:RetainedEarningsAccumulatedLosses 2022-12-31 02398977 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02398977 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02398977 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02398977 c:OrdinaryShareClass1 2023-12-31 02398977 c:OrdinaryShareClass1 2022-12-31 02398977 c:FRS102 2023-01-01 2023-12-31 02398977 c:Audited 2023-01-01 2023-12-31 02398977 c:FullAccounts 2023-01-01 2023-12-31 02398977 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02398977 d:WithinOneYear 2023-12-31 02398977 d:WithinOneYear 2022-12-31 02398977 d:BetweenOneFiveYears 2023-12-31 02398977 d:BetweenOneFiveYears 2022-12-31 02398977 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02398977 2 2023-01-01 2023-12-31 02398977 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02398977










WORLD PRECISION INSTRUMENTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WORLD PRECISION INSTRUMENTS LIMITED
REGISTERED NUMBER: 02398977

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
224,561
235,354

  
224,561
235,354

Current assets
  

Stocks
  
353,288
303,359

Debtors: amounts falling due within one year
 5 
221,906
252,112

Cash at bank and in hand
 6 
681,595
516,943

  
1,256,789
1,072,414

Creditors: amounts falling due within one year
 7 
(321,923)
(326,241)

Net current assets
  
 
 
934,866
 
 
746,173

Total assets less current liabilities
  
1,159,427
981,527

Creditors: amounts falling due after more than one year
 8 
(15,074)
(23,862)

Provisions for liabilities
  

Deferred tax
 10 
(4,781)
(4,211)

  
 
 
(4,781)
 
 
(4,211)

Net assets
  
1,139,572
953,454


Capital and reserves
  

Called up share capital 
 11 
60
60

Capital redemption reserve
  
40
40

Profit and loss account
  
1,139,472
953,354

  
1,139,572
953,454


Page 1

 
WORLD PRECISION INSTRUMENTS LIMITED
REGISTERED NUMBER: 02398977
    
STATEMENT OF FINANCIAL POSITION (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 11 September 2024.


A T Waldes
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The financial statements have been prepared on a going concern basis.  The Directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment.  
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.  Numbers in these financial statements are rounded to the nearest £1.

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 3

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

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.

 
1.5

Interest income

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

 
1.6

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.

 
1.7

Borrowing costs

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

 
1.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.9

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 reporting 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 reporting 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 reporting date.

 
1.10

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 following basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
33%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
33%
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.

Page 5

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

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 last in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
1.12

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.

 
1.13

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.

 
1.14

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.

 
1.15

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.

Page 6

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


2.


General information

World Precision Instruments Limited is a private company, limited by shares and incorporated in England.
Its registered number is: 02398977
The Registered Office address is:
1 Hunting Gate
Hitchin
Hertfordshire
SG4 0TJ


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).

Page 7

 


 
WORLD PRECISION INSTRUMENTS LIMITED


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


4.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
242,493
31,333
32,207
48,225
79,267
433,525


Additions
-
21,225
-
-
-
21,225


Disposals
-
(6,008)
-
(2,203)
(58,113)
(66,324)



At 31 December 2023

242,493
46,550
32,207
46,022
21,154
388,426



Depreciation


At 1 January 2023
58,188
10,359
18,620
40,898
70,106
198,171


Charge for the year on owned assets
4,849
13,773
3,397
1,030
2,386
25,435


Disposals
-
(1,818)
-
(1,742)
(56,181)
(59,741)



At 31 December 2023

63,037
22,314
22,017
40,186
16,311
163,865



Net book value



At 31 December 2023
179,456
24,236
10,190
5,836
4,843
224,561



At 31 December 2022
184,305
20,974
13,587
7,327
9,161
235,354

Page 8

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
92,009
138,539

Amounts owed by group undertakings
68,743
49,451

Other debtors
35,081
30,673

Prepayments and accrued income
26,073
33,449

221,906
252,112



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
681,595
516,943

681,595
516,943



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,850
8,850

Trade creditors
43,633
25,571

Amounts owed to group undertakings
32,374
88,895

Corporation tax
63,298
30,919

Other creditors
10,716
25,347

Accruals and deferred income
163,052
146,659

321,923
326,241


Page 9

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,074
23,862

15,074
23,862


The following liabilities were secured:

2023
2022
£
£



Bank loans
23,924
32,712

23,924
32,712

Details of security provided:

The loan is secured by the first legal charge over the commercial property known as 1 Hunting Gate, Hitchin, Hertfordshire, SG4 0TJ dated 20th May 2011.  

Page 10

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,850
8,850


8,850
8,850

Amounts falling due 1-2 years

Bank loans
8,850
8,850


8,850
8,850

Amounts falling due 2-5 years

Bank loans
6,224
15,012


6,224
15,012


23,924
32,712


Page 11

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(4,211)


Charged to profit or loss
(570)



At end of year
(4,781)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,781)
(4,211)

(4,781)
(4,211)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60 (2022 - 60) Ordinary shares of £1.00 each
60
60



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £68,987 (2022 - £63,853). Contributions totalling £52,498 (2022: £47,894) were payable to the fund at the reporting date and are included in creditors.

Page 12

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,312
9,152

Later than 1 year and not later than 5 years
14,881
2,177

27,193
11,329


14.


Related party transactions

As the company is a wholly owned subsidiary of World Precision Instruments LLC the Company has taken advantage of the exemption in section 1AC.35 of FRS102 1A and has therefore not disclosed transactions or balances with wholly owned subsidiaries of the group headed by World Precision Instruments LLC.  The consolidated financial statements, within which the Company is included, can be obtained from 175 Sarasota Centee Blvd, Sarasota, FL 34240 in the United States of America. 


15.


Controlling party

The controlling party is World Precision Instruments LLC, being the 100% shareholder, a company incorporated in the United States of America.


16.
 

Provisions available for audits of small entities

We have undertaken the audit in accordance with the requirements of Financial Reporting Council's  Ethical Standards, including 'FRC Ethical Standards  - Provisions Available for Audits of Small Entities (PAASE)'.  In common with many other businessess of this size and nature, the Company uses our firm to prepare the payroll, submit corporation tax returns, and assist with the preparation of the financial statements.


17.


Auditors' information

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

The audit report was signed on 12 September 2024 by Martin Van Beek FCCA (Senior statutory auditor) on behalf of Ashleys (Hitchin) Limited.

 
Page 13