Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30true2022-10-0115698true1554133333207falseNo description of principal activity1919falsetruefalse SC157005 2022-10-01 2023-09-30 SC157005 2021-10-01 2022-09-30 SC157005 2023-09-30 SC157005 2022-09-30 SC157005 c:Director1 2022-10-01 2023-09-30 SC157005 d:PlantMachinery 2022-10-01 2023-09-30 SC157005 d:PlantMachinery 2023-09-30 SC157005 d:PlantMachinery 2022-09-30 SC157005 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 SC157005 d:MotorVehicles 2022-10-01 2023-09-30 SC157005 d:MotorVehicles 2023-09-30 SC157005 d:MotorVehicles 2022-09-30 SC157005 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 SC157005 d:FurnitureFittings 2022-10-01 2023-09-30 SC157005 d:FurnitureFittings 2023-09-30 SC157005 d:FurnitureFittings 2022-09-30 SC157005 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 SC157005 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 SC157005 d:CurrentFinancialInstruments 2022-10-01 2023-09-30 SC157005 d:CurrentFinancialInstruments 2023-09-30 SC157005 d:CurrentFinancialInstruments 2022-09-30 SC157005 d:Non-currentFinancialInstruments 2023-09-30 SC157005 d:Non-currentFinancialInstruments 2022-09-30 SC157005 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 SC157005 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 SC157005 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 SC157005 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 SC157005 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 SC157005 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 SC157005 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 SC157005 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 SC157005 d:ShareCapital 2023-09-30 SC157005 d:ShareCapital 2022-09-30 SC157005 d:CapitalRedemptionReserve 2023-09-30 SC157005 d:CapitalRedemptionReserve 2022-09-30 SC157005 d:RetainedEarningsAccumulatedLosses 2023-09-30 SC157005 d:RetainedEarningsAccumulatedLosses 2022-09-30 SC157005 c:OrdinaryShareClass1 2022-10-01 2023-09-30 SC157005 c:OrdinaryShareClass1 2021-10-01 2022-09-30 SC157005 c:OrdinaryShareClass1 2023-09-30 SC157005 c:OrdinaryShareClass1 2022-09-30 SC157005 c:FRS102 2022-10-01 2023-09-30 SC157005 c:Audited 2022-10-01 2023-09-30 SC157005 c:FullAccounts 2022-10-01 2023-09-30 SC157005 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC157005 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 SC157005 2 2022-10-01 2023-09-30 SC157005 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC157005













MCI ELECTROTECHNICS LIMITED






FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MCI ELECTROTECHNICS LIMITED
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 12

 
MCI ELECTROTECHNICS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
MCI ELECTROTECHNICS LIMITED
REGISTERED NUMBER:SC157005

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,185
17,506

  
15,185
17,506

Current assets
  

Stocks
  
159,430
221,684

Debtors: amounts falling due within one year
 5 
1,919,974
1,709,990

Cash at bank and in hand
 6 
227,850
407,634

  
2,307,254
2,339,308

Creditors: amounts falling due within one year
 7 
(529,722)
(401,444)

Net current assets
  
 
 
1,777,532
 
 
1,937,864

Total assets less current liabilities
  
1,792,717
1,955,370

Creditors: amounts falling due after more than one year
 8 
(105,000)
(165,000)

  

Net assets
  
1,687,717
1,790,370


Capital and reserves
  

Called up share capital 
 10 
20,000
20,000

Capital redemption reserve
  
20,000
20,000

Profit and loss account
  
1,647,717
1,750,370

  
1,687,717
1,790,370


Page 2

 
MCI ELECTROTECHNICS LIMITED
REGISTERED NUMBER:SC157005

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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: 




Neil Milne
Director

Date: 29 October 2024

The notes on pages 4 to 12 form part of these financial statements.
Page 3

 
MCI ELECTROTECHNICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

MCI Electrotechnics Limited (the `company`) is a private company limited by shares incorporated in Scotland. The registered office is 37 Albyn Place, Aberdeen, AB10 1YN. The company's place of business is 23 Kirkton Avenue, Pitmedden Road Industrial Estate, Dyce, Aberdeen, AB21 0BF.
The principal activities of the company continued to be that of the manufacture, installation and maintenance of low voltage electrical switchgear.

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

 
2.2

Going concern

The directors have prepared operating forecasts for the period to 30 June 2025 and are satisfied that the company has adequate financial resources to continue to operate and meet its liabilities as they fall due for at least 12 months from the date of approving the financial statements. Thus the directors continue to adopt the going concern basis for preparation of the financial statements.

 
2.3

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.

Page 4

 
MCI ELECTROTECHNICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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.

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.

 
2.5

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.

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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

Page 5

 
MCI ELECTROTECHNICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The company contributes to 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.

 
2.10

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.

 
2.11

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 6

 
MCI ELECTROTECHNICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.11
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:

Plant & machinery
-
20%
straight line
Motor vehicles
-
33%
straight line
Fixtures, fittings & equipment
-
20%
straight line

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.
 
Page 7

 
MCI ELECTROTECHNICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 8

 
MCI ELECTROTECHNICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 19).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures, fittings & equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
76,727
31,800
35,006
143,533


Additions
-
-
3,655
3,655



At 30 September 2023

76,727
31,800
38,661
147,188



Depreciation


At 1 October 2022
76,727
27,541
21,759
126,027


Charge for the year on owned assets
-
4,259
1,717
5,976



At 30 September 2023

76,727
31,800
23,476
132,003



Net book value



At 30 September 2023
-
-
15,185
15,185



At 30 September 2022
-
4,259
13,247
17,506

Page 9

 
MCI ELECTROTECHNICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
738,452
460,374

Amounts owed by group undertakings
1,054,097
1,050,000

Other debtors
-
48,508

Prepayments and accrued income
9,347
9,132

Amounts recoverable on long-term contracts
113,723
136,499

Deferred taxation
4,355
5,477

1,919,974
1,709,990


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
227,850
407,634

227,850
407,634



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
60,000
60,000

Trade creditors
241,341
165,129

Amounts owed to group undertakings
77,847
9,220

Corporation tax
553
-

Other taxation and social security
96,097
85,675

Other creditors
9,372
8,326

Accruals and deferred income
44,512
73,094

529,722
401,444


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 
There is a bond and floating charge in favour The Bank of Scotland over the whole assets of the company.

Page 10

 
MCI ELECTROTECHNICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
105,000
165,000

105,000
165,000



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
60,000
60,000

 
Amounts falling due 1-2 years

Bank loans
60,000
60,000

 
Amounts falling due 2-5 years

Bank loans
45,000
105,000

165,000
225,000


The bank loan relates to a Coronavirus Business Interuption Loan Scheme (`CBILS`) loan taken out by the company during the COVID 19 pandemic in 2020. The loan is repayable in 60 equal instalments of £5,000 commencing from June 2021. The loan attracts interest of 2.5% over the Bank of England Base rate. The loan is secured against a bond and floating charge held against the assets of the company. 


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



11.


Pension commitments

The company's contributions to defined contribution pension schemes in the year were £15,541 (2022 - £15,698). Outstanding contributions accrued at the year end amounted to £3,333 (2022 - £3,207).


12.Other financial commitments

The company has a Cross Corporation Guarantee in place covering the bank borrowings of other group companies. At the year end the value of group borrowings was £1,284,762 (2022 - £1,749,621).

Page 11

 
MCI ELECTROTECHNICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Related party transactions

The company has taken advantage of exemptions under Financial Reporting Standard 102 section 1AC.35 not to disclose transactions with group undertakings within T D C (Aberdeen) Limited as it is a subsidiary whose results are included in publicly available consolidated accounts. 


14.


Controlling party

The company is a wholly owned subsidiary of T D C (Aberdeen) Limited and its registered office is 37 Albyn Place, Aberdeen, AB10 1YN. TDC (Aberdeen) Limited represents the largest and smallest group which prepares consolidated financial statements. A copy of the T D C (Aberdeen) Limited consolidated financial statements is available from the company's registered office.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 30 October 2024 by Graeme Penman (Senior Statutory Auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 12