Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseMachining4240trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07519514 2023-04-01 2024-03-31 07519514 2022-04-01 2023-03-31 07519514 2024-03-31 07519514 2023-03-31 07519514 c:Director3 2023-04-01 2024-03-31 07519514 d:PlantMachinery 2023-04-01 2024-03-31 07519514 d:PlantMachinery 2024-03-31 07519514 d:PlantMachinery 2023-03-31 07519514 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07519514 d:MotorVehicles 2023-04-01 2024-03-31 07519514 d:MotorVehicles 2024-03-31 07519514 d:MotorVehicles 2023-03-31 07519514 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07519514 d:OfficeEquipment 2023-04-01 2024-03-31 07519514 d:OfficeEquipment 2024-03-31 07519514 d:OfficeEquipment 2023-03-31 07519514 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07519514 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07519514 d:Goodwill 2024-03-31 07519514 d:Goodwill 2023-03-31 07519514 d:CurrentFinancialInstruments 2024-03-31 07519514 d:CurrentFinancialInstruments 2023-03-31 07519514 d:Non-currentFinancialInstruments 2024-03-31 07519514 d:Non-currentFinancialInstruments 2023-03-31 07519514 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07519514 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07519514 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07519514 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07519514 d:ShareCapital 2024-03-31 07519514 d:ShareCapital 2023-03-31 07519514 d:RetainedEarningsAccumulatedLosses 2024-03-31 07519514 d:RetainedEarningsAccumulatedLosses 2023-03-31 07519514 c:FRS102 2023-04-01 2024-03-31 07519514 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07519514 c:FullAccounts 2023-04-01 2024-03-31 07519514 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07519514 2 2023-04-01 2024-03-31 07519514 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07519514 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07519514 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 07519514


GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
REGISTERED NUMBER:07519514

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
857,660
867,998

Current assets
  

Stocks
 6 
330,767
334,951

Debtors: amounts falling due within one year
 7 
1,876,067
1,552,490

Cash at bank and in hand
 8 
37,282
28,666

  
2,244,116
1,916,107

Creditors: amounts falling due within one year
 9 
(559,912)
(413,978)

Net current assets
  
 
 
1,684,204
 
 
1,502,129

Total assets less current liabilities
  
2,541,864
2,370,127

Creditors: amounts falling due after more than one year
 10 
-
(73,700)

Provisions for liabilities
  

Deferred tax
 11 
(90,013)
(122,875)

  
 
 
(90,013)
 
 
(122,875)

Net assets
  
2,451,851
2,173,552


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,451,751
2,173,452

  
2,451,851
2,173,552


Page 1

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
REGISTERED NUMBER:07519514
    
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 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: 



Mr L P D'Arcy
Director

Date: 28 November 2024

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

Page 2

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on a going concern basis as the shareholders have committed to providing financial support as required. The going concern basis is considered by the directors to be appropriate due to the willingness and ability of the Company's investors to continue to support the Company for at least 12 months from the date of approval of the financial statements.

 
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.

Page 3

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

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.

Page 4

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

  
2.10

Debt Factoring

The Company has a debt factoring agreement with a third party which covered £513,681 of its trade debtors at the year-end (2023: £592,665). However the agreement has a 100% recourse arrangement and hence the Company has retained this percentage of the trade receivables in its balance sheet.

 
2.11

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.

Page 5

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% - 20% reducing balance
Motor vehicles
-
3 years straight line
Equipment
-
3 years 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.

 
2.14

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.
Page 6

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 within the operating cycle fall into this category of financial instruments.

Page 7

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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.

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.

 
2.20

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023 - 40).

Page 8

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
5,000



At 31 March 2024

5,000



Amortisation


At 1 April 2023
5,000



At 31 March 2024

5,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 9

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
1,523,750
20,420
73,846
1,618,016


Additions
92,002
-
6,370
98,372



At 31 March 2024

1,615,752
20,420
80,216
1,716,388



Depreciation


At 1 April 2023
663,517
14,722
71,779
750,018


Charge for the year on owned assets
99,616
5,698
3,396
108,710



At 31 March 2024

763,133
20,420
75,175
858,728



Net book value



At 31 March 2024
852,619
-
5,041
857,660



At 31 March 2023
860,233
5,698
2,067
867,998

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:




2024
2023
£
£
Plant and machinery

217,080

241,200
 

Page 10

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Stocks

2024
2023
£
£

Raw materials and consumables
330,767
334,951



7.


Debtors

2024
2023
£
£


Trade debtors
1,089,028
879,359

Amounts owed by group undertakings
703,419
601,423

Other debtors
73,642
62,778

Prepayments and accrued income
9,978
8,930

1,876,067
1,552,490



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
37,282
28,666



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
316,377
234,985

Other taxation and social security
125,860
43,431

Obligations under finance lease and hire purchase contracts
73,700
80,400

Other creditors
8,460
6,976

Accruals and deferred income
35,515
48,186

559,912
413,978


Net obligations under hire purchase contracts are secured on the assets to which they relate.

Page 11

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
73,700


Net obligations under hire purchase contracts are secured on the assets to which they relate.


11.


Deferred taxation




2024


£






At beginning of year
(122,875)


Charged to profit or loss
32,862



At end of year
(90,013)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(90,013)
(122,875)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £85,712 (2023: £73,973) in the year. Contributions totalling £8,460 (2023: £6,976) were payable to the fund at the balance sheet date and are included in creditors.


13.


Ultimate parent entity

The ultimate parent company is Glentworth Holdings Limited, a company registered in England and Wales. The address of the registered office of Glentworth Holdings Limited is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

 
Page 12