Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytruetruetruetruetruetruetruetruefalsetrue2023-01-01false1415 01300446 2023-01-01 2023-12-31 01300446 2022-01-01 2022-12-31 01300446 2023-12-31 01300446 2022-12-31 01300446 c:Director3 2023-01-01 2023-12-31 01300446 d:Buildings 2023-01-01 2023-12-31 01300446 d:Buildings 2023-12-31 01300446 d:Buildings 2022-12-31 01300446 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01300446 d:Buildings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01300446 d:PlantMachinery 2023-01-01 2023-12-31 01300446 d:PlantMachinery 2023-12-31 01300446 d:PlantMachinery 2022-12-31 01300446 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01300446 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01300446 d:MotorVehicles 2023-01-01 2023-12-31 01300446 d:MotorVehicles 2023-12-31 01300446 d:MotorVehicles 2022-12-31 01300446 d:FurnitureFittings 2023-01-01 2023-12-31 01300446 d:FurnitureFittings 2023-12-31 01300446 d:FurnitureFittings 2022-12-31 01300446 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01300446 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01300446 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01300446 d:OtherPropertyPlantEquipment 2023-12-31 01300446 d:OtherPropertyPlantEquipment 2022-12-31 01300446 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01300446 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01300446 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01300446 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01300446 d:CurrentFinancialInstruments 2023-12-31 01300446 d:CurrentFinancialInstruments 2022-12-31 01300446 d:Non-currentFinancialInstruments 3 2023-12-31 01300446 d:Non-currentFinancialInstruments 3 2022-12-31 01300446 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01300446 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01300446 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01300446 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01300446 d:ShareCapital 2023-12-31 01300446 d:ShareCapital 2022-12-31 01300446 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01300446 d:RetainedEarningsAccumulatedLosses 2023-12-31 01300446 d:RetainedEarningsAccumulatedLosses 2022-12-31 01300446 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01300446 c:OrdinaryShareClass1 2023-12-31 01300446 c:OrdinaryShareClass1 2022-12-31 01300446 c:FRS101 2023-01-01 2023-12-31 01300446 c:Audited 2023-01-01 2023-12-31 01300446 c:FullAccounts 2023-01-01 2023-12-31 01300446 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01300446 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01300446 d:CurrentFinancialInstruments 7 2023-12-31 01300446 d:CurrentFinancialInstruments 7 2022-12-31 01300446 d:Buildings d:Right-of-useAssets 2023-01-01 2023-12-31 01300446 d:Buildings d:Right-of-useAssets 2022-01-01 2022-12-31 01300446 d:MotorVehicles d:Right-of-useAssets 2023-01-01 2023-12-31 01300446 d:MotorVehicles d:Right-of-useAssets 2022-01-01 2022-12-31 01300446 d:Right-of-useAssets 2023-01-01 2023-12-31 01300446 d:Right-of-useAssets 2022-01-01 2022-12-31 01300446 f:PoundSterling 2023-01-01 2023-12-31 01300446 g:SouthAfrica 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01300446










ALPECO LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALPECO LIMITED
REGISTERED NUMBER: 01300446

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
381,343
447,821

Current assets
  

Stocks
 6 
863,859
744,471

Debtors: amounts falling due within one year
 7 
945,030
1,028,927

Cash at bank and in hand
 8 
441,757
269,444

  
2,250,646
2,042,842

Creditors: amounts falling due within one year
 9 
(738,232)
(579,582)

Net current assets
  
 
 
1,512,414
 
 
1,463,260

Total assets less current liabilities
  
1,893,757
1,911,081

  

Creditors: amounts falling due after more than one year
 10 
(212,462)
(264,419)

Net assets
  
1,681,295
1,646,662


Capital and reserves
  

Called up share capital 
 12 
500
500

Profit and loss account
 13 
1,680,795
1,646,162

  
1,681,295
1,646,662


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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: 




T Morgan
Director

Date: 10 June 2024

The notes on pages 2 to 12 form part of these financial statements.

Page 1

 
ALPECO LIMITED
 

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

1.


General information

Alpeco Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. The principal activity of the Company in the year under review was that of the design, sale and servicing of fluid control systems for the oil industry.
The Company's trading address is 66-69 Rabans Close, Aylesbury, Buckinghamshire, HP19 8RS.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are rounded to the nearest whole pound Sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2023 and these financial statements may be obtained from the Registrar of Companies.
Page 2

 
ALPECO LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined based on the Group's borrowing facilities which are on market-based rates.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the, 'Tangible Fixed Assets' line on the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.9.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient.

Page 3

 
ALPECO LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

  
2.5

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and warranty services supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below. 
(a) Sales of goods 
The Company manufactures and sells metering and associated loading and unloading equipment for the business to business petroleum distribution market. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
The Company offers discounts on its sales of goods at the time of invoicing which does not constitute variable consideration as the consideration receivable is known at the time of invoicing. The value of up-front payments received in respect of sales of goods are immaterial to the financial statements.
A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
The Company provides warranty cover to repair or replace faulty products on new truck systems. No provision is recorded in respect of these as the repair costs and impact on revenue is immaterial to the financial statements.
(b) Sales of services 
The Company offers service contract warranties to its customers as part of its sales of goods. These constitute a separate performance obligation. Revenue from providing services from the service contracts is recognised in the accounting period in which the services are rendered. Revenue is recognised on a time-elapsed basis over the term of the agreement as this represents management’s best estimate of the point of satisfaction of the performance obligations.
The Company invoices for service agreements on an annual basis and consideration is payable when invoiced. The terms of payment are fixed with no variable consideration. There are no material contract assets arising from such terms.
Page 4

 
ALPECO LIMITED
 

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

2.Accounting policies (continued)


 
2.6

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.

 
2.7

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 other creditors in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
ALPECO LIMITED
 

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Improvements to property
-
Over the remaining life of the lease
Plant and machinery
-
10-20% on cost
Fixtures, fittings and computer equipment
-
10-33% on cost

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.

 
2.10

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 weighted average 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.

 
2.11

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.

 
2.12

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.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.14

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.

Page 6

 
ALPECO LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future and judgements in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
Provision for doubtful debts
Management provides for doubtful debts on the perceived risk profile and payment history of the debtor.
Provision for slow moving, damaged and obsolete stock
There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note.
Leases
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception.


4.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and administration
10
11



Directors
4
4

14
15

Page 7

 
ALPECO LIMITED
 

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

5.


Tangible fixed assets





Improvements to property
Plant and machinery
Fixtures and fittings
Right-of-use assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
44,288
112,489
94,441
762,175
1,013,393


Additions
3,241
2,041
1,001
44,493
50,776


Disposals
-
(7,129)
-
-
(7,129)



At 31 December 2023

47,529
107,401
95,442
806,668
1,057,040



Depreciation


At 1 January 2023
36,922
90,466
82,710
355,474
565,572


Charge for the year on owned assets
1,373
6,774
8,860
-
17,007


Charge for the year on right-of-use assets
-
-
-
99,960
99,960


Disposals
-
(6,842)
-
-
(6,842)



At 31 December 2023

38,295
90,398
91,570
455,434
675,697



Net book value



At 31 December 2023
9,234
17,003
3,872
351,234
381,343



At 31 December 2022
7,366
22,023
11,731
406,701
447,821

Page 8

 
ALPECO LIMITED
 

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

           5.Tangible fixed assets (continued)



The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
30,109
41,120

Right-of-use tangible fixed assets
351,234
406,701

381,343
447,821

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Property
241,603
296,305

Motor vehicles
109,631
110,396

351,234
406,701

Depreciation charge for the year ended

2023
2022
£
£

Property
54,702
54,702

Motor vehicles
45,258
39,261

99,960
93,962


6.


Stocks

2023
2022
£
£

Finished goods and raw materials
863,859
744,471


Included in stocks above is a provision for slow-moving stock of £1,877 (2022: £24,674).


Page 9

 
ALPECO LIMITED
 

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

7.


Debtors

2023
2022
£
£


Trade debtors
880,242
965,880

Other debtors
22,520
18,209

Prepayments and accrued income
42,268
44,838

945,030
1,028,927



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
441,757
269,444



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Contract liabilities
7,236
5,219

Trade creditors
320,353
257,841

Amounts owed to group undertakings
154,073
59,646

Other taxation and social security
93,804
106,027

Lease liabilities
96,877
94,267

Other creditors
1,920
2,817

Accruals and deferred income
63,969
53,765

738,232
579,582


Amounts owed to group undertakings represent group relief payable in respect of tax.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
212,462
264,419


Page 10

 
ALPECO LIMITED
 

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

11.

Leases

Company as a lessee

The Company leases its principal place of trading. The periodic rent is fixed over the lease term.
The Company also leases a number of vehicles which comprise only fixed payments over the lease term.


Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
96,877
94,267

Due 1-5 yrs
212,462
255,252

Due >5 yrs
-
9,167


(309,339)
(358,686)

Total cash outflows in respect of IFRS 16 leases was £102,772 (2022: £100,522).


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary shares of £1.00 each
500
500

Ordinary shares carry equal voting rights and rights to distributions.



13.


Reserves

Profit and loss account

The profit and loss account is the Company's accumulated retained profits and losses as at the year end.


14.


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 £14,217 (2022: 14,654). There were no contributions payable to the fund at the balance sheet date (2022: £Nil).

Page 11

 
ALPECO LIMITED
 

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

15.


Related party transactions

During the year ended 31 December 2023, the Company undertook the following transactions with group companies. 


2023
2022
£
£

Purchases from group companies
18,292
54,199
Sales to group companies
7,239
6,040
Recharged from group companies
31,502
25,989
57,033
86,228

At the year end the Company owed £154,073 (2022: £59,646) to group companies.
During the year ended 31 December 2023, the Company paid dividends of £453,000 (2022: £210,000) to Flowmax Limited. 


16.


Controlling party

The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales.
The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa, as the largest group within which the subsidiary belongs and for which group accounts are prepared.  Flowmax Limited's registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.


17.


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 24 June 2024 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 12