Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.132023-01-01false14truefalse 03472302 2023-01-01 2023-12-31 03472302 2022-01-01 2022-12-31 03472302 2023-12-31 03472302 2022-12-31 03472302 c:Director2 2023-01-01 2023-12-31 03472302 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03472302 d:Buildings d:ShortLeaseholdAssets 2023-12-31 03472302 d:Buildings d:ShortLeaseholdAssets 2022-12-31 03472302 d:LandBuildings 2023-12-31 03472302 d:LandBuildings 2022-12-31 03472302 d:MotorVehicles 2023-01-01 2023-12-31 03472302 d:MotorVehicles 2023-12-31 03472302 d:MotorVehicles 2022-12-31 03472302 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03472302 d:FurnitureFittings 2023-01-01 2023-12-31 03472302 d:FurnitureFittings 2023-12-31 03472302 d:FurnitureFittings 2022-12-31 03472302 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03472302 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03472302 d:CurrentFinancialInstruments 2023-12-31 03472302 d:CurrentFinancialInstruments 2022-12-31 03472302 d:Non-currentFinancialInstruments 2023-12-31 03472302 d:Non-currentFinancialInstruments 2022-12-31 03472302 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03472302 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03472302 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03472302 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03472302 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 03472302 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 03472302 d:ShareCapital 2023-12-31 03472302 d:ShareCapital 2022-12-31 03472302 d:RetainedEarningsAccumulatedLosses 2023-12-31 03472302 d:RetainedEarningsAccumulatedLosses 2022-12-31 03472302 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03472302 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03472302 c:FRS102 2023-01-01 2023-12-31 03472302 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03472302 c:FullAccounts 2023-01-01 2023-12-31 03472302 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03472302 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 03472302 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 03472302 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 03472302 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 03472302 2 2023-01-01 2023-12-31 03472302 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 03472302 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 03472302 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-12-31 03472302 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-12-31 03472302 d:LeasedAssetsHeldAsLessee 2023-12-31 03472302 d:LeasedAssetsHeldAsLessee 2022-12-31 03472302 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03472302


























1ST MACHINE TOOL ACCESSORIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
For the year ended 31 DECEMBER 2023













Fletcher & Partners
Chartered Accountants
Salisbury

 
1ST MACHINE TOOL ACCESSORIES LIMITED
REGISTERED NUMBER:03472302

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
85,245
125,071

  
85,245
125,071

Current assets
  

Stocks
  
517,681
713,778

Debtors: amounts falling due within one year
 5 
6,367,387
6,216,011

Cash at bank and in hand
 6 
3,674
7,349

  
6,888,742
6,937,138

Creditors: amounts falling due within one year
 7 
(3,574,361)
(3,968,188)

Net current assets
  
 
 
3,314,381
 
 
2,968,950

Total assets less current liabilities
  
3,399,626
3,094,021

Creditors: amounts falling due after more than one year
 8 
(976,356)
(851,839)

Provisions for liabilities
  

Deferred tax
 11 
-
(4,000)

  
 
 
-
 
 
(4,000)

Net assets
  
2,423,270
2,238,182


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,423,268
2,238,180

  
2,423,270
2,238,182


The director considers 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 director acknowledges his 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 by: 
Page 1

 
1ST MACHINE TOOL ACCESSORIES LIMITED
REGISTERED NUMBER:03472302

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Mark Jones
Director
Date: 19 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
1ST MACHINE TOOL ACCESSORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

1st Machine Tool Accessories Limited is a private company limited by shares and incorpoarted in England and Wales with the registered number 03472302. Its registered office is Unit 1 The Headlands, Downton, Salisbury SP5 3JJ.  Its main activity is the wholesale of machine tools.

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

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.

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 3

 
1ST MACHINE TOOL ACCESSORIES LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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 straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5%
Motor vehicles
-
33%
Fixtures and fittings
-
25%

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 4

 
1ST MACHINE TOOL ACCESSORIES LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 13).

Page 5

 
1ST MACHINE TOOL ACCESSORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
59,596
145,343
145,898
350,837


Additions
2,940
-
3,891
6,831


Disposals
(3,894)
-
(9,703)
(13,597)



At 31 December 2023

58,642
145,343
140,086
344,071



Depreciation


At 1 January 2023
31,625
76,060
118,081
225,766


Charge for the year on owned assets
2,948
26,937
15,214
45,099


Disposals
(2,336)
-
(9,703)
(12,039)



At 31 December 2023

32,237
102,997
123,592
258,826



Net book value



At 31 December 2023
26,405
42,346
16,494
85,245



At 31 December 2022
27,971
69,283
27,817
125,071




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


2023
2022
£
£

Short leasehold
26,405
27,971

26,405
27,971


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


2023
2022
£
£



Motor vehicles
42,346
69,283

Furniture, fittings and equipment
2,668
5,578

45,014
74,861

Page 6

 
1ST MACHINE TOOL ACCESSORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,017,587
1,121,891

Amounts owed by group undertakings
1,301,482
1,295,364

Other debtors
4,030,004
3,765,004

Prepayments and accrued income
18,314
33,752

6,367,387
6,216,011



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,674
7,349

Less: bank overdrafts
(590,405)
(858,670)

(586,731)
(851,321)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
590,405
858,670

Bank loans
36,363
36,363

Trade creditors
907,875
1,247,983

Corporation tax
-
59,681

Other taxation and social security
129,989
154,236

Obligations under finance lease and hire purchase contracts
17,325
19,096

Other creditors
1,882,523
1,580,982

Accruals and deferred income
9,881
11,177

3,574,361
3,968,188


Page 7

 
1ST MACHINE TOOL ACCESSORIES 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
51,515
87,879

Net obligations under finance leases and hire purchase contracts
8,862
26,188

Other creditors
915,979
737,772

976,356
851,839



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
36,363
36,363


36,363
36,363

Amounts falling due 1-2 years

Bank loans
51,515
87,879


51,515
87,879



87,878
124,242



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
18,635
21,677

Between 1-5 years
9,074
27,709

27,709
49,386

Page 8

 
1ST MACHINE TOOL ACCESSORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(4,000)


Utilised in year
4,000



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(4,000)

-
(4,000)


Page 9