Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3182023-01-01falseThe principal activity of the company is that of metal products surface finishing and sale of related materials and chemicals involved in the process.8truetruefalse 07077094 2023-01-01 2023-12-31 07077094 2022-01-01 2022-12-31 07077094 2023-12-31 07077094 2022-12-31 07077094 c:Director1 2023-01-01 2023-12-31 07077094 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 07077094 d:Buildings d:ShortLeaseholdAssets 2023-12-31 07077094 d:Buildings d:ShortLeaseholdAssets 2022-12-31 07077094 d:PlantMachinery 2023-01-01 2023-12-31 07077094 d:PlantMachinery 2023-12-31 07077094 d:PlantMachinery 2022-12-31 07077094 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07077094 d:FurnitureFittings 2023-01-01 2023-12-31 07077094 d:FurnitureFittings 2023-12-31 07077094 d:FurnitureFittings 2022-12-31 07077094 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07077094 d:OfficeEquipment 2023-01-01 2023-12-31 07077094 d:OfficeEquipment 2023-12-31 07077094 d:OfficeEquipment 2022-12-31 07077094 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07077094 d:ComputerEquipment 2023-01-01 2023-12-31 07077094 d:ComputerEquipment 2023-12-31 07077094 d:ComputerEquipment 2022-12-31 07077094 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07077094 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07077094 d:CurrentFinancialInstruments 2023-12-31 07077094 d:CurrentFinancialInstruments 2022-12-31 07077094 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07077094 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07077094 d:ShareCapital 2023-12-31 07077094 d:ShareCapital 2022-12-31 07077094 d:RetainedEarningsAccumulatedLosses 2023-12-31 07077094 d:RetainedEarningsAccumulatedLosses 2022-12-31 07077094 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07077094 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07077094 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07077094 c:OrdinaryShareClass1 2023-12-31 07077094 c:OrdinaryShareClass1 2022-12-31 07077094 c:FRS102 2023-01-01 2023-12-31 07077094 c:Audited 2023-01-01 2023-12-31 07077094 c:FullAccounts 2023-01-01 2023-12-31 07077094 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07077094 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07077094 2 2023-01-01 2023-12-31 07077094 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07077094









REM SURFACE ENGINEERING LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REM SURFACE ENGINEERING LIMITED
REGISTERED NUMBER: 07077094

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
52,026
29,796

  
52,026
29,796

Current assets
  

Stocks
 6 
862,393
511,093

Debtors: amounts falling due within one year
 7 
1,298,044
724,238

Cash at bank and in hand
 8 
702,543
382,476

  
2,862,980
1,617,807

Creditors: amounts falling due within one year
 9 
(1,756,188)
(817,587)

Net current assets
  
 
 
1,106,792
 
 
800,220

Total assets less current liabilities
  
1,158,818
830,016

Provisions for liabilities
  

Deferred tax
 10 
(10,688)
(4,050)

  
 
 
(10,688)
 
 
(4,050)

Net assets
  
1,148,130
825,966


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
1,147,130
824,966

  
1,148,130
825,966

Page 1

 
REM SURFACE ENGINEERING LIMITED
REGISTERED NUMBER: 07077094
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 25 September 2024.




Justin Michaud
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
REM SURFACE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company is that of metal products surface finishing and sale of related materials and chemicals involved in the process.
The company is a private company limited by shares and is incorporated in England under company registration number 07077094.
The address of its registered office is 35 Ballards Lane, London N3 1XW. The trading address is Alington Road, Little Barford, St Neots, Cambridgeshire PE19 6YH.

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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
REM SURFACE ENGINEERING LIMITED
 
 
 
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.

Sales to group companies follow the group policy and are recognised when they are received by the buying company.
 

 
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.

 
2.5

Interest income

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

Page 4

 
REM SURFACE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
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 reporting 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 reporting 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 reporting 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.

Page 5

 
REM SURFACE ENGINEERING LIMITED
 
 
 
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, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Straight line
Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

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, 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. 

At each reporting 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

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.

 
2.11

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.

Page 6

 
REM SURFACE ENGINEERING 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 preparation of the financial statements requires management to make judgements, estimates 
and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet 
date and the amounts reported for revenues and expenses during the year. However, the nature of 
estimation means that actual outcomes could differ from those estimates. 
There are no judgements which materially affect the amounts in the accounts. 
The company makes estimates and assumptions concerning the future. The resulting accounting 
estimates will, by definition, seldom equal the related actual results. There are no estimates or 
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of 
assets and liabilities within the next financial year.  


4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
13,680
47,937
88,289
23,577
87,094


Additions
-
-
32,500
-
5,720



At 31 December 2023

13,680
47,937
120,789
23,577
92,814



Depreciation


At 1 January 2023
13,680
38,257
81,118
22,816
74,910


Charge for the year on owned assets
-
2,420
8,902
190
4,478



At 31 December 2023

13,680
40,677
90,020
23,006
79,388



Net book value



At 31 December 2023
-
7,260
30,769
571
13,426



At 31 December 2022
-
9,680
7,171
761
12,184
Page 7

 
REM SURFACE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
260,577


Additions
38,220



At 31 December 2023

298,797



Depreciation


At 1 January 2023
230,781


Charge for the year on owned assets
15,990



At 31 December 2023

246,771



Net book value



At 31 December 2023
52,026



At 31 December 2022
29,796


6.


Stocks

2023
2022
£
£

Raw materials and consumables
150,650
181,613

Finished goods and goods for resale
711,743
329,480

862,393
511,093


Page 8

 
REM SURFACE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
450,450
646,336

Amounts owed by group undertakings
702,191
5,180

Other debtors
56,502
51,398

Prepayments and accrued income
88,901
21,324

1,298,044
724,238



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
702,543
382,476

702,543
382,476



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
401,456
93,051

Amounts owed to group undertakings
733,693
654,073

Corporation tax
101,518
2,345

Other creditors
467,962
22,247

Accruals and deferred income
51,559
45,871

1,756,188
817,587


Page 9

 
REM SURFACE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(4,050)


Charged to profit or loss
(6,638)



At end of year
(10,688)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(10,688)
(4,050)

(10,688)
(4,050)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



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 £30,057 (2022: £30,052). Contributions totalling £777 (2022: £777)  were payable to the fund at the reporting date.


13.


Related party transactions

Where possible the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


14.


Controlling party

The ultimate parent undertaking is REM Chemicals Inc, incorporated in the State of Connecticut in the USA and its address is 325 West Queen Street, Southington, CT 06489, USA.
Page 10

 
REM SURFACE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


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 Ian Saunderson FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 11