Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe Company's principal activity during the year continued to be that of the design and manufacture of tungsten carbide tools, used for cutting threads.2824truetruefalse 01924756 2023-01-01 2023-12-31 01924756 2022-01-01 2022-12-31 01924756 2023-12-31 01924756 2022-12-31 01924756 c:Director1 2023-01-01 2023-12-31 01924756 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 01924756 d:Buildings d:LongLeaseholdAssets 2023-12-31 01924756 d:Buildings d:LongLeaseholdAssets 2022-12-31 01924756 d:PlantMachinery 2023-01-01 2023-12-31 01924756 d:PlantMachinery 2023-12-31 01924756 d:PlantMachinery 2022-12-31 01924756 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01924756 d:FurnitureFittings 2023-01-01 2023-12-31 01924756 d:FurnitureFittings 2023-12-31 01924756 d:FurnitureFittings 2022-12-31 01924756 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01924756 d:ComputerEquipment 2023-01-01 2023-12-31 01924756 d:ComputerEquipment 2023-12-31 01924756 d:ComputerEquipment 2022-12-31 01924756 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01924756 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01924756 d:CurrentFinancialInstruments 2023-12-31 01924756 d:CurrentFinancialInstruments 2022-12-31 01924756 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01924756 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01924756 d:ShareCapital 2023-12-31 01924756 d:ShareCapital 2022-12-31 01924756 d:SharePremium 2023-12-31 01924756 d:SharePremium 2022-12-31 01924756 d:CapitalRedemptionReserve 2023-12-31 01924756 d:CapitalRedemptionReserve 2022-12-31 01924756 d:RetainedEarningsAccumulatedLosses 2023-12-31 01924756 d:RetainedEarningsAccumulatedLosses 2022-12-31 01924756 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01924756 c:OrdinaryShareClass1 2023-12-31 01924756 c:OrdinaryShareClass1 2022-12-31 01924756 c:FRS102 2023-01-01 2023-12-31 01924756 c:Audited 2023-01-01 2023-12-31 01924756 c:FullAccounts 2023-01-01 2023-12-31 01924756 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01924756 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01924756 2 2023-01-01 2023-12-31 01924756 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01924756










POSI-THREAD (U.K.) LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
POSI-THREAD (U.K.) LTD
REGISTERED NUMBER: 01924756

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,031,477
250,227

  
1,031,477
250,227

Current assets
  

Stocks
 6 
1,517,212
1,123,043

Debtors: amounts falling due within one year
 7 
852,781
672,740

Cash at bank and in hand
 8 
130,042
257,471

  
2,500,035
2,053,254

Creditors: amounts falling due within one year
 9 
(4,470,525)
(3,245,504)

Net current liabilities
  
 
 
(1,970,490)
 
 
(1,192,250)

Total assets less current liabilities
  
(939,013)
(942,023)

  

Net liabilities
  
(939,013)
(942,023)


Capital and reserves
  

Called up share capital 
 10 
18,804
18,804

Share premium account
  
21,264
21,264

Capital redemption reserve
  
10,125
10,125

Profit and loss account
  
(989,206)
(992,216)

  
(939,013)
(942,023)


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 17 September 2024.


H Ehrenberg
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
POSI-THREAD (U.K.) LTD
REGISTERED NUMBER: 01924756
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
POSI-THREAD (U.K.) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private limited company, incorporated and registered in England and Wales (company number 01924756).  Its registered office and principal place of business is 4 Bridgewater Road, Washington, Tyne & Wear, NE37 2SG.

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

Going concern

The financial statements have been prepared on the basis that the company will be a going concern for at least twelve months from the date of the approval of these financial statements. The balance sheet shows that liabilities exceed the value of all assets.  The company relies on support from a related entity which has subordinated repayment of its loans to the company. The director has a reasonable expectation that the parent and associated undertakings will continue to provide financial support where necessary.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Monetary amounts 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.

Page 3

 
POSI-THREAD (U.K.) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Interest income

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

 
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

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 4

 
POSI-THREAD (U.K.) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
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:

Leasehold property
-
over ten years
Plant and machinery
-
over ten years
Fixtures and fittings
-
over ten years
Computer equipment
-
between four and ten years

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.

  
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and an appropriate proportion of attributable overheads.  

  
2.10

Debtors

Short term debtors are measured at transaction value, less any impairment.

  
2.11

Creditors

Short term creditors are measured at the transaction value.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.
The value of stock of finished goods has been reduced by a provision for slow-moving or obsolete stock.  The provision applies assumptions based on the age of the stock such that no value is carried if it is more than four years old, with discounts applied between one and four years at the rate of 25% per annum.  
These estimation policies are consistent with previous years' policies in each case.

Page 5

 
POSI-THREAD (U.K.) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 24).


5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
32,550
1,711,941
5,806
135,417
1,885,714


Additions
5,922
843,265
926
-
850,113



At 31 December 2023

38,472
2,555,206
6,732
135,417
2,735,827



Depreciation


At 1 January 2023
25,285
1,504,105
141
105,956
1,635,487


Charge for the year on owned assets
2,608
56,383
604
9,268
68,863



At 31 December 2023

27,893
1,560,488
745
115,224
1,704,350



Net book value



At 31 December 2023
10,579
994,718
5,987
20,193
1,031,477



At 31 December 2022
7,265
207,836
5,665
29,461
250,227


6.


Stocks

2023
2022
£
£

Raw materials and consumables
345,216
221,244

Work in progress (goods to be sold)
114,575
83,292

Finished goods and goods for resale
1,057,421
818,507

1,517,212
1,123,043


Page 6

 
POSI-THREAD (U.K.) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
743,311
537,552

Other debtors
21,240
60,730

Prepayments and accrued income
88,230
74,458

852,781
672,740



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
130,042
257,471

130,042
257,471


Although not in use at the year end, the company has available an overdraft facility of £10,000, which is repayable on demand and secured by a fixed and floating charge over the Company's tangible fixed assets.


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,632,419
1,187,473

Amounts owed to associates
2,736,172
1,979,325

Other taxation and social security
22,472
20,127

Other creditors
6,551
3,241

Accruals and deferred income
72,911
55,338

4,470,525
3,245,504


Amounts owing to associate entities are not secured but carry interest.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



18,804 (2022 - 18,804) Ordinary shares of £1.00 each
18,804
18,804

Page 7

 
POSI-THREAD (U.K.) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.Share capital (continued)



11.


Pension commitments

The Company operates a defined contribution 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 £15,825 (2022 - £15,765).
There were £2,919 contributions (2022 - £2,119) that were payable to the fund at the balance sheet date and included in creditors.


12.


Controlling party

The immediate and ultimate holding company is CRN Holdings AG, whose address is Baarerstr. 95, Zug, Switzerland 6301. The director H Ehrenberg together with his immediate family has a controlling interest in CRN Holdings AG.


13.


Auditors' information

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

The audit report was signed on 25 September 2024 by Detlev Anderson (Senior Statutory Auditor) on behalf of Kinnair Associates Limited.

 
Page 8