Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue18false2023-01-01falsedesign and manufacture of electronic motors and mechanisms15The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05114621 2023-01-01 2023-12-31 05114621 2022-01-01 2022-12-31 05114621 2023-12-31 05114621 2022-12-31 05114621 c:CompanySecretary1 2023-01-01 2023-12-31 05114621 c:Director1 2023-01-01 2023-12-31 05114621 c:Director3 2023-01-01 2023-12-31 05114621 c:Director4 2023-01-01 2023-12-31 05114621 c:RegisteredOffice 2023-01-01 2023-12-31 05114621 d:PlantMachinery 2023-01-01 2023-12-31 05114621 d:PlantMachinery 2023-12-31 05114621 d:PlantMachinery 2022-12-31 05114621 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05114621 d:FurnitureFittings 2023-01-01 2023-12-31 05114621 d:FurnitureFittings 2023-12-31 05114621 d:FurnitureFittings 2022-12-31 05114621 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05114621 d:OfficeEquipment 2023-01-01 2023-12-31 05114621 d:OfficeEquipment 2023-12-31 05114621 d:OfficeEquipment 2022-12-31 05114621 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05114621 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05114621 d:CurrentFinancialInstruments 2023-12-31 05114621 d:CurrentFinancialInstruments 2022-12-31 05114621 d:Non-currentFinancialInstruments 2023-12-31 05114621 d:Non-currentFinancialInstruments 2022-12-31 05114621 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05114621 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05114621 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05114621 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05114621 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05114621 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05114621 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05114621 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05114621 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 05114621 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 05114621 d:ShareCapital 2023-12-31 05114621 d:ShareCapital 2022-12-31 05114621 d:RetainedEarningsAccumulatedLosses 2023-12-31 05114621 d:RetainedEarningsAccumulatedLosses 2022-12-31 05114621 c:FRS102 2023-01-01 2023-12-31 05114621 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05114621 c:FullAccounts 2023-01-01 2023-12-31 05114621 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05114621 2 2023-01-01 2023-12-31 05114621 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 05114621












PRECISION MICRODRIVES LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 31 DECEMBER 2023





















 


img2499.png
01483 755 399
hamlyns.com

 
PRECISION MICRODRIVES LTD
 

COMPANY INFORMATION


Directors
T Arundel 
N Burroughs 
A E Castel 




Company secretary
T Arundel



Registered number
05114621



Registered office
1.07 Canterbury Court
1 Brixton Road

London

SW9 6DE




Accountants
Hamlyns Limited
Chartered Accountants

Sundial House

High Street

Horsell

Woking

GU21 4SU






 
PRECISION MICRODRIVES LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFPRECISION MICRODRIVES LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Precision Microdrives Ltd for the year ended 31 December 2023 which comprise  the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/membership/
regulations-standards-and-guidance.


This report is made solely to the board of directors of Precision Microdrives Ltd, as a body, in accordance with the terms of our engagement at hamlyns.com/tac. Our work has been undertaken solely to prepare for your approval the financial statements of Precision Microdrives Ltd and state those matters that we have agreed to state to the board of directors of Precision Microdrives Ltd, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Precision Microdrives Ltd and its board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Precision Microdrives Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Precision Microdrives Ltd. You consider that Precision Microdrives Ltd is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Precision Microdrives Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.





Hamlyns Limited
Chartered Accountants
Sundial House
High Street
Horsell
Woking
GU21 4SU

12 September 2024
Page 1

 
PRECISION MICRODRIVES LTD
REGISTERED NUMBER: 05114621

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
234,512
288,339

  
234,512
288,339

Current assets
  

Stocks
  
930,099
1,403,119

Debtors: amounts falling due within one year
 5 
3,012,170
2,552,522

Cash at bank and in hand
  
1,800,574
1,244,645

  
5,742,843
5,200,286

Creditors: amounts falling due within one year
 6 
(2,265,424)
(1,444,313)

Net current assets
  
 
 
3,477,419
 
 
3,755,973

Total assets less current liabilities
  
3,711,931
4,044,312

Creditors: amounts falling due after more than one year
 7 
(1,261,389)
(1,704,722)

  

Net assets
  
2,450,542
2,339,590


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,450,540
2,339,588

  
2,450,542
2,339,590


Page 2

 
PRECISION MICRODRIVES LTD
REGISTERED NUMBER: 05114621

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 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 on 12 September 2024.




T Arundel
N Burroughs
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
PRECISION MICRODRIVES LTD
 

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

1.


General information

Precision Microdrives Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found below: 
Registered number: 05114621 
Registered office address: 1.07 Canterbury Court, 1 Brixton Road, London, England, SW9 6DE

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
PRECISION MICRODRIVES LTD
 

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 
PRECISION MICRODRIVES LTD
 

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

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

 
2.10

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.

 
2.11

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 6

 
PRECISION MICRODRIVES LTD
 

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

2.Accounting policies (continued)


2.11
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 a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
50%
Fixtures and fittings
-
15%
Office equipment
-
50%

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 18).

Page 7

 
PRECISION MICRODRIVES LTD
 

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

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
167,190
238,462
102,386
508,038


Additions
7,710
24,665
11,749
44,124


Disposals
-
(20,544)
-
(20,544)



At 31 December 2023

174,900
242,583
114,135
531,618



Depreciation


At 1 January 2023
81,301
73,851
64,548
219,700


Charge for the year on owned assets
44,940
26,227
20,684
91,851


Disposals
-
(14,445)
-
(14,445)



At 31 December 2023

126,241
85,633
85,232
297,106



Net book value



At 31 December 2023
48,659
156,950
28,903
234,512



At 31 December 2022
85,889
164,612
37,838
288,339


5.


Debtors

2023
2022
£
£


Trade debtors
1,828,128
932,159

Amounts owed by group undertakings
599,297
965,381

Other debtors
510,493
592,710

Prepayments and accrued income
74,252
62,272

3,012,170
2,552,522


Page 8

 
PRECISION MICRODRIVES LTD
 

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,239,175
47,313

Bank loans
443,333
443,333

Trade creditors
32,592
45,919

Other taxation and social security
87,016
52,111

Other creditors
48,491
31,858

Accruals and deferred income
414,817
823,779

2,265,424
1,444,313



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,261,389
1,704,722

1,261,389
1,704,722


The following liabilities were secured:

2023
2022
£
£



Bank Loans
1,704,722
2,148,055

HSBC Invoice Discounting (UK) Ltd
1,239,175
47,313

2,943,897
2,195,368

Details of security provided:

The above creditors are secured by a fixed and floating charge over the property and undertakings of the business.

Page 9

 
PRECISION MICRODRIVES LTD
 

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

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
443,333
443,333


443,333
443,333

Amounts falling due 1-2 years

Bank loans
443,333
443,333


443,333
443,333

Amounts falling due 2-5 years

Bank loans
818,056
1,143,333


818,056
1,143,333

Amounts falling due after more than 5 years

Bank loans
-
118,056

-
118,056

1,704,722
2,148,055



9.


Controlling party

Precision Microdrives Holdings Limited is considered to be the ultimate controlling party by virtue of its shareholding. The registered address of the entity is 1.07 Canterbury Court, 1 Brixton Road, London, United Kingdom SW9 6DE.


Page 10