Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true47assembly and packaging of medical devices and consumablestrue2023-04-01false59The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00502988 2023-04-01 2024-03-31 00502988 2022-04-01 2023-03-31 00502988 2024-03-31 00502988 2023-03-31 00502988 1 2023-04-01 2024-03-31 00502988 d:Director1 2023-04-01 2024-03-31 00502988 c:Buildings 2023-04-01 2024-03-31 00502988 c:Buildings 2024-03-31 00502988 c:Buildings 2023-03-31 00502988 c:Buildings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00502988 c:PlantMachinery 2023-04-01 2024-03-31 00502988 c:PlantMachinery 2024-03-31 00502988 c:PlantMachinery 2023-03-31 00502988 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00502988 c:FurnitureFittings 2023-04-01 2024-03-31 00502988 c:FurnitureFittings 2024-03-31 00502988 c:FurnitureFittings 2023-03-31 00502988 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00502988 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00502988 c:CurrentFinancialInstruments 2024-03-31 00502988 c:CurrentFinancialInstruments 2023-03-31 00502988 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 00502988 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 00502988 c:ShareCapital 2024-03-31 00502988 c:ShareCapital 2023-03-31 00502988 c:RetainedEarningsAccumulatedLosses 2024-03-31 00502988 c:RetainedEarningsAccumulatedLosses 2023-03-31 00502988 d:OrdinaryShareClass1 2023-04-01 2024-03-31 00502988 d:OrdinaryShareClass1 2024-03-31 00502988 d:OrdinaryShareClass1 2023-03-31 00502988 d:OrdinaryShareClass2 2023-04-01 2024-03-31 00502988 d:OrdinaryShareClass2 2024-03-31 00502988 d:OrdinaryShareClass2 2023-03-31 00502988 d:FRS102 2023-04-01 2024-03-31 00502988 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00502988 d:FullAccounts 2023-04-01 2024-03-31 00502988 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00502988 2 2023-04-01 2024-03-31 00502988 7 2023-04-01 2024-03-31 00502988 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00502988









WESLEY COE (CAMBRIDGE) LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WESLEY COE (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00502988

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,183,145
1,202,336

Current assets
  

Stocks
 5 
491,128
421,694

Debtors due within 1 year
 6 
1,017,363
949,226

Cash at bank and in hand
 7 
1,069,446
1,295,256

  
2,577,937
2,666,176

Creditors: amounts falling due within one year
 8 
(811,015)
(732,303)

Total assets less current liabilities
  
 
 
2,950,067
 
 
3,136,209

Provisions for liabilities
  

Deferred tax
 9 
(24,725)
(26,069)

  
 
 
(24,725)
 
 
(26,069)

Net assets
  
2,925,342
3,110,140


Capital and reserves
  

Called up share capital 
 10 
15,750
15,750

Profit and loss account
  
2,909,592
3,094,390

  
2,925,342
3,110,140

Page 1

 
WESLEY COE (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00502988

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 on 5 June 2024.




Adam J W Coe
Director

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

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Wesley Coe (Cambridge) Limited is a limited liability company incorporated in England and Wales within
the United Kingdom. The registered office and trading address of the Company is Gas Lane, Ely,
Cambridgeshire, CB7 4GH.
The principal activity of the Company continued being that of assembly and packaging of medical devices and consumables.

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 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.

The level of rounding applied is to the nearest £.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have considered the going concern basis of preparation of the financial statements, noting the result for the year, forecasts and plans going forward.
The directors are confident that the Company has sufficient cash reserves and working capital to enable liabilities to be settled as they fall due and to continue trading for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements.
Accordingly the financial statements have been prepared on a going concern basis and do not include any adjustments that would result if the company was not able to continue as a going concern.

Page 3

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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.

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 4

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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.

Page 5

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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

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 corporation 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.

 
2.9

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.

Page 6

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
TANGIBLE FIXED ASSETS (continued)

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
50 years
Plant and machinery
-
5 - 15 years
Fixtures and fittings
-
3 - 10 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.

 
2.10

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

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.

 
2.12

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.13

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.
 
2.14

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.

Page 7

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 47 (2023 - 59).


4.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 April 2023
1,345,484
339,654
114,477
1,799,615


Additions
-
-
14,325
14,325



At 31 March 2024

1,345,484
339,654
128,802
1,813,940



Depreciation


At 1 April 2023
247,425
275,862
73,992
597,279


Charge for the year on owned assets
13,815
9,632
10,069
33,516



At 31 March 2024

261,240
285,494
84,061
630,795



Net book value



At 31 March 2024
1,084,244
54,160
44,741
1,183,145



At 31 March 2023
1,098,059
63,792
40,485
1,202,336

Included within Freehold property is land value of £654,712 (2023 - £654,712) which is not depreciated.

Page 8

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


STOCKS

2024
2023
£
£

Raw materials and consumables
393,084
304,786

Work in progress (goods to be sold)
33,344
24,918

Finished goods and goods for resale
64,700
91,990

491,128
421,694



6.


DEBTORS

2024
2023
£
£


Trade debtors
972,293
925,170

Prepayments and accrued income
45,070
24,056

1,017,363
949,226



7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,069,446
1,295,256



8.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
256,968
97,863

Corporation tax
169,351
292,339

Other taxation and social security
158,371
91,270

Other creditors
103
103

Accruals and deferred income
226,222
250,728

811,015
732,303


Page 9

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


DEFERRED TAXATION




2024


£






At beginning of year
(26,069)


Charged to profit or loss
1,344



At end of year
(24,725)

The provision for deferred taxation is made up as follows:

2024
2023
£
£



Accelerated capital allowances
(24,725)
(26,069)

Other timing differences
-
-

(24,725)
(26,069)


10.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



15,000 (2023 - 15,000) Deferred Ordinary shares of £1.00 each
15,000
15,000
15,000 (2023 - 15,000) Ordinary shares of £0.05 each
750
750

15,750

15,750

Deferred Ordinary share holders do not have any rights to the income of the Company and have one vote for every Deferred Ordinary share. In the event of liquidation, Deferred Ordinary share holders shall receive the amount paid up on such shares.
Ordinary share holders have all rights to the income of the Company and have 1,000 votes for every Ordinary share. In the event of liquidation Ordinary share holders shall receive the sum of £1,000 per share and the balance of remaining assets shall belong to and be distributed amongst the holders of the Ordinary shares in proportion to the amounts paid up thereon.



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 £61,041 (2023 - £70,442). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in other creditors.

Page 10

 
WESLEY COE (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


RELATED PARTY TRANSACTIONS

During the year, the Company paid dividends totalling £1,200,000 (2023 - £2,000,000) to CoeBros Limited, the immediate and ultimate parent company.


13.


POST BALANCE SHEET EVENTS

After the year end the Company declared and paid dividends for the 2025 year end. 


14.


CONTROLLING PARTY

The ultimate controlling party is CoeBros Limited, by virtue of 100% shareholding.

Page 11