Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.manufacture and sale of high-specification camera and recording equipment2023-01-01false3331truetrue 05096172 2023-01-01 2023-12-31 05096172 2022-01-01 2022-12-31 05096172 2023-12-31 05096172 2022-12-31 05096172 c:Director4 2023-01-01 2023-12-31 05096172 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05096172 d:Buildings d:LongLeaseholdAssets 2023-12-31 05096172 d:Buildings d:LongLeaseholdAssets 2022-12-31 05096172 d:PlantMachinery 2023-01-01 2023-12-31 05096172 d:PlantMachinery 2023-12-31 05096172 d:PlantMachinery 2022-12-31 05096172 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05096172 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05096172 d:CurrentFinancialInstruments 2023-12-31 05096172 d:CurrentFinancialInstruments 2022-12-31 05096172 d:Non-currentFinancialInstruments 2023-12-31 05096172 d:Non-currentFinancialInstruments 2022-12-31 05096172 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05096172 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05096172 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05096172 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05096172 d:ShareCapital 2023-12-31 05096172 d:ShareCapital 2022-12-31 05096172 d:SharePremium 2023-12-31 05096172 d:SharePremium 2022-12-31 05096172 d:RetainedEarningsAccumulatedLosses 2023-12-31 05096172 d:RetainedEarningsAccumulatedLosses 2022-12-31 05096172 c:FRS102 2023-01-01 2023-12-31 05096172 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05096172 c:FullAccounts 2023-01-01 2023-12-31 05096172 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05096172 d:WithinOneYear 2023-12-31 05096172 d:WithinOneYear 2022-12-31 05096172 d:BetweenOneFiveYears 2023-12-31 05096172 d:BetweenOneFiveYears 2022-12-31 05096172 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05096172 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 05096172 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05096172 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 05096172 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05096172









SPECIALISED IMAGING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SPECIALISED IMAGING LIMITED
REGISTERED NUMBER: 05096172

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
157,577
233,730

  
157,577
233,730

Current assets
  

Stocks
 6 
1,434,981
1,105,754

Debtors: amounts falling due within one year
 7 
956,507
249,977

Cash at bank and in hand
 8 
1,199,278
3,000,024

  
3,590,766
4,355,755

Creditors: amounts falling due within one year
 9 
(950,733)
(1,219,771)

Net current assets
  
 
 
2,640,033
 
 
3,135,984

Total assets less current liabilities
  
2,797,610
3,369,714

Creditors: amounts falling due after more than one year
 10 
-
(23,979)

  

Net assets
  
2,797,610
3,345,735


Capital and reserves
  

Called up share capital 
  
900
900

Share premium account
  
19,975
19,975

Profit and loss account
  
2,776,735
3,324,860

  
2,797,610
3,345,735


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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
SPECIALISED IMAGING LIMITED
REGISTERED NUMBER: 05096172
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr D K Taylor
Director
Date: 10 September 2024

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

Page 2

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Specialised Imaging Limited is a Company limited by shares incorporated in England & Wales within the United Kingdom. The address of the registered office is 6 Harvington Park, Pitstone Green Business Park, Pitstone, Leighton Buzzard, LU7 9GX.  
The principal activity of the Company is that of the manufacture and sale of high-specification camera and recording equipment
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preperation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
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.

Page 3

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
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.

 
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 accruals as a liability 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.

Page 4

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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:

Long-term leasehold property
-
Over the life of the lease
Plant and machinery
-
25% straight line basis

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 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.

 
2.11

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

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.

Page 5

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments on ordinary shares.

 
2.15

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimations and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. 


4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 31).

Page 6

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
371,121
283,200
654,321


Additions
-
12,544
12,544



At 31 December 2023

371,121
295,744
666,865



Depreciation


At 1 January 2023
200,000
220,591
420,591


Charge for the year on owned assets
60,000
28,697
88,697



At 31 December 2023

260,000
249,288
509,288



Net book value



At 31 December 2023
111,121
46,456
157,577



At 31 December 2022
171,121
62,609
233,730

Page 7

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,434,981
1,105,754



7.


Debtors

2023
2022
£
£


Trade debtors
660,314
27,322

Other debtors
118,052
208,655

Prepayments and accrued income
178,141
14,000

956,507
249,977



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,199,278
3,000,024



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
56,629

Trade creditors
396,132
655,886

Corporation tax
-
8,695

Other taxation and social security
60,295
79,821

Obligations under finance lease and hire purchase contracts
15,738
9,877

Other creditors
125,623
6,990

Accruals and deferred income
352,945
401,873

950,733
1,219,771


Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital and freehold and leasehold property. 

Page 8

 
SPECIALISED IMAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
23,979



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
15,738
9,877

Between 1-5 years
-
23,979

15,738
33,856


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 an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £50,600 (2022 - £18,326). Contributions totalling £7,100 (2022 - £6,581) were payable to the fund at the balance sheet date and are included in creditors.


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
82,420
71,812

Later than 1 year and not later than 5 years
167,327
205,115

249,747
276,927

 
Page 9