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Registered number: 01526518









HEITZ ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HEITZ ENGINEERING LIMITED
REGISTERED NUMBER: 01526518

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,203
6,655

  
5,203
6,655

Current assets
  

Stocks
  
20,000
20,000

Debtors: amounts falling due within one year
 5 
306,746
313,719

Cash at bank and in hand
  
840
-

  
327,586
333,719

Creditors: amounts falling due within one year
 7 
(337,660)
(244,974)

Net current (liabilities)/assets
  
 
 
(10,074)
 
 
88,745

Total assets less current liabilities
  
(4,871)
95,400

Creditors: amounts falling due after more than one year
 8 
(25,643)
(78,536)

  

Net (liabilities)/assets
  
(30,514)
16,864


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(30,614)
16,764

  
(30,514)
16,864


Page 1

 
HEITZ ENGINEERING LIMITED
REGISTERED NUMBER: 01526518
    
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 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 by: 




................................................
A D Thomas
Director

Date: 26 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

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

1.


General information

Heitz Engineering Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The company's registered office address is Signpost House, Ambassador Way, Greens Road, Dereham, NR20 3TL and the principal place of business is 24 Charles Wood Road, Toftwood, Dereham, NR19 1SX.

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 directors have assessed the balance sheet position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
HEITZ 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.

 
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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

Page 4

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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, a straight-line or reducing balance basis..

Depreciation is provided on the following basis:

Land and buildings
-
7 years straight line
Plant and machinery
-
33% reducing balance
Motor vehicles
-
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.

Page 5

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

2.Accounting policies (continued)

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
9,688
807,269
45,594
862,551


Additions
-
1,060
-
1,060



At 31 December 2023

9,688
808,329
45,594
863,611



Depreciation


At 1 January 2023
9,688
801,038
45,170
855,896


Charge for the year on owned assets
-
2,406
106
2,512



At 31 December 2023

9,688
803,444
45,276
858,408



Net book value



At 31 December 2023
-
4,885
318
5,203



At 31 December 2022
-
6,231
424
6,655


5.


Debtors

2023
2022
£
£


Trade debtors
129,304
108,863

Amounts owed by parent undertakings
155,431
197,423

Other debtors
12,396
-

Prepayments and accrued income
9,615
7,433

306,746
313,719


Page 7

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
840
-

Less: bank overdrafts
-
(38,599)

840
(38,599)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
38,599

Bank loans
10,123
13,987

Other loans
57,640
40,433

Trade creditors
45,314
36,966

Other taxation and social security
16,786
9,129

Other creditors
191,164
87,030

Accruals and deferred income
16,633
18,830

337,660
244,974


The following liabilities were secured:

2023
2022
£
£



Bank loans and overdrafts
52,586
47,907

Proceeds of factored debts
98,674
61,896

151,260
109,803

Details of security provided:

Bank loans and overdrafts are secured on certain assets.
The proceeds of factored debts included within other creditors are secured by a fixed and floating charge over the assets of the company.

Page 8

 
HEITZ ENGINEERING 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
19,403
29,526

Other loans
6,240
49,010

25,643
78,536



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,123
13,987

Other loans
57,640
40,433


67,763
54,420

Amounts falling due 1-2 years

Bank loans
10,123
10,123

Other loans
6,240
43,811


16,363
53,934

Amounts falling due 2-5 years

Bank loans
9,280
19,403

Other loans
-
5,199


9,280
24,602


93,406
132,956



10.


Contingent liabilities

The company has provided a guarantee and debenture as security for the bank borrowings of the parent company, Heitz Holdings Limited. At the balance sheet these borrowings totalled £Nil (2022 - £Nil).

Page 9

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

11.


Pension commitments

The company operates a defined contribution pension scheme for the directors and employees. 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 £4,403 (2022 - £3,463). Contributions totalling £355 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

At the year end the company owed the directors £24,634 (2022 - £25,134) in respect of their directors' loan accounts. Interest at 13.5% was charged on the loans amounting to £3,843 (2022 - £2,260). The loans are repayable on demand.
The directors have provided personal guarantees in relation to certain borrowings.

 
Page 10