IRIS Accounts Production v24.3.2.46 07006110 director 31.3.24 1.4.23 31.3.24 31.3.24 the supply of components to its customers, performing specialist CNC machining and assembly of electro mechanical components for industry. true true true false true true false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070061102023-03-31070061102024-03-31070061102023-04-012024-03-31070061102022-03-31070061102022-04-012023-03-31070061102023-03-3107006110ns15:EnglandWales2023-04-012024-03-3107006110ns14:PoundSterling2023-04-012024-03-3107006110ns10:Director12023-04-012024-03-3107006110ns10:Consolidated2024-03-3107006110ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3107006110ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107006110ns10:Consolidatedns10:FRS1022023-04-012024-03-3107006110ns10:Consolidatedns10:Audited2023-04-012024-03-3107006110ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3107006110ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3107006110ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3107006110ns10:FullAccounts2023-04-012024-03-3107006110ns5:Subsidiary12023-04-012024-03-3107006110ns5:Subsidiary22023-04-012024-03-3107006110ns10:OrdinaryShareClass12023-04-012024-03-3107006110ns10:Consolidated2023-04-012024-03-3107006110ns10:CompanySecretary12023-04-012024-03-3107006110ns10:RegisteredOffice2023-04-012024-03-3107006110ns10:Consolidated2022-04-012023-03-3107006110ns5:CurrentFinancialInstruments2024-03-3107006110ns5:CurrentFinancialInstruments2023-03-3107006110ns5:Non-currentFinancialInstruments2024-03-3107006110ns5:Non-currentFinancialInstruments2023-03-3107006110ns5:ShareCapital2024-03-3107006110ns5:ShareCapital2023-03-3107006110ns5:ShareCapital2022-03-3107006110ns5:RetainedEarningsAccumulatedLosses2022-03-3107006110ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3107006110ns5:RetainedEarningsAccumulatedLosses2023-03-3107006110ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3107006110ns5:RetainedEarningsAccumulatedLosses2024-03-3107006110ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3107006110ns5:LeaseholdImprovements2023-04-012024-03-3107006110ns5:PlantMachinery2023-04-012024-03-3107006110ns5:MotorVehicles2023-04-012024-03-3107006110ns5:ComputerEquipment2023-04-012024-03-3107006110ns5:LandBuildings2023-03-3107006110ns5:LeaseholdImprovements2023-03-3107006110ns5:PlantMachinery2023-03-3107006110ns5:MotorVehicles2023-03-3107006110ns5:LandBuildings2023-04-012024-03-3107006110ns5:LandBuildings2024-03-3107006110ns5:LeaseholdImprovements2024-03-3107006110ns5:PlantMachinery2024-03-3107006110ns5:MotorVehicles2024-03-3107006110ns5:LandBuildings2023-03-3107006110ns5:LeaseholdImprovements2023-03-3107006110ns5:PlantMachinery2023-03-3107006110ns5:MotorVehicles2023-03-3107006110ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3107006110ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3107006110ns5:LeasedAssetsHeldAsLessee2023-03-3107006110ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3107006110ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3107006110ns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3107006110ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3107006110ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3107006110ns5:LeasedAssetsHeldAsLessee2024-03-3107006110ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3107006110ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3107006110ns5:LeasedAssetsHeldAsLessee2023-03-3107006110ns5:CostValuation2023-03-3107006110ns5:Subsidiary112023-04-012024-03-3107006110ns5:Subsidiary12024-03-3107006110ns5:Subsidiary12023-03-3107006110ns5:Subsidiary12022-04-012023-03-31070061103ns5:Subsidiary22023-04-012024-03-3107006110ns5:Subsidiary22024-03-3107006110ns5:Subsidiary22023-03-3107006110ns5:Subsidiary22022-04-012023-03-3107006110ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107006110ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107006110ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3107006110ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3107006110ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3107006110ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3107006110ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107006110ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107006110ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3107006110ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3107006110ns5:HirePurchaseContracts2024-03-3107006110ns5:HirePurchaseContracts2023-03-3107006110ns5:Secured2024-03-3107006110ns5:Secured2023-03-3107006110ns5:DeferredTaxation2023-03-3107006110ns5:DeferredTaxation2023-04-012024-03-3107006110ns5:DeferredTaxation2024-03-3107006110ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 07006110 (England and Wales)



















Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

Shakespeare Engineering International
(Asia) Limited

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Shakespeare Engineering International
(Asia) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: N B Shakespeare





SECRETARY: A J Mair





REGISTERED OFFICE: 91 Haltwhistle Road
Western Industrial Estate
South Woodham Ferrers
Essex
CM3 5ZA





REGISTERED NUMBER: 07006110 (England and Wales)





AUDITORS: Tile & Co Essex Ltd, Chartered Accountants
Warden House
37 Manor Road
Colchester
Essex
CO3 3LX

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Group Strategic Report
for the Year Ended 31 March 2024


The director presents his strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the group is that of the purchase and sale of the supply of components to its customers, performing specialist CNC machining and assembly of electro mechanical components for industry.

In the accounting period under review, the group reported a pre-tax profits of £158,481 (2023: pre-tax profits of £682,476).

Overall the group maintained the activity levels of the previous year. Customer demand was strong in specific areas and the group continued to invest specifically to be able to meet the demand from these higher growth areas. This additional investment in staff and equipment has led to improved gross profit margins but higher overheads and finance charges. The director is satisfied with this result.

PRINCIPAL RISKS AND UNCERTAINTIES
The group operates within the global international market and is therefore subject to the impact of overseas economies and foreign exchange risks. The departure of the UK from the EU and the Russian invasion of Ukraine continued to affect business confidence. Added to these is higher interest rates and the political uncertainties in the lead up to the General Election. The director continues to monitor these risks and uncertainties and is confident that the group is able to manage these risks.

The group continues to explore new means to develop and retain the high levels of skill within the business. This is ongoing, and forms one of the high-risk issues which exists at all its operational sites.

STRATEGIES
Our continued collaboration with the scientific community both in the UK and USA (specifically in the area of 'superconducting') continues to generate some positive order intake. We are currently the only UK site to have this expertise, which has been borne out of years of interaction between our engineers and scientists. This will continue to form part of our strategic growth plan alongside development of our international supplier and customer network.

To minimise disruption caused by geopolitical events the group continues to adapt its supply chain to source more materials from home and near home markets.

OBJECTIVES AND FUTURE OUTLOOK
Our objective is to continue to develop a 'world class' status with 'world class' customers and suppliers. With our appetite to invest in our staff and equipment, we believe this will continue to attract strong opportunities across the group.

KEY PERFORMANCE INDICATORS
Key performance indicators highlight maintenance of group turnover at £10.7m with an increase in the gross profits of £473,000 to £6.64m and the gross margin to 62% (2023 58%) in the current period, ended 31 March 2024. Debtor days for the period ended 31 March 2024 was 63 days, which is lower than the debtor days previously disclosed by the group in respect of the accounting period ended 31 March 2023, being 75 days.

EBITDA of £1,236,352 fell by 10.6%. This reflects the continued investment by the group in staff and equipment to meet customer demand during the period.

A budget is set each year and monthly performance, including the KPIs above, are monitored against historical trends and budgetary targets. For the period, the Group performed in line with expectations. The Group's employee remuneration strategy is designed to align employee remuneration with successful delivery against these and other non-financial KPIs.


Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Group Strategic Report
for the Year Ended 31 March 2024

FUTURE DEVELOPMENTS AND RESEARCH & DEVELOPMENT
Despite the challenging economic environment the group will continue its strategy to invest in the infrastructure, technology and human resources required to operate and grow the business to meet the expected increase in customer demand. The purchase of new machinery and technology allows the group to better respond to customer demand and to improve manufacturing techniques via related R&D projects so generating an uplift in profits and cash generation.

ON BEHALF OF THE BOARD:





N B Shakespeare - Director


27 December 2024

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Report of the Director
for the Year Ended 31 March 2024


The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTOR
N B Shakespeare held office during the whole of the period from 1 April 2023 to the date of this report.

OVERSEAS BRANCH
The group continues to maintain a branch located in mainland China, the purpose of which is to source parts for inclusion in UK assemblies. The cost of these purchased materials is included in Cost of Sales.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

In accordance with Section 414C (ii) Companies Act 2006, disclosures relating to Future developments and Research and development activities are set out in the Strategic report.

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Report of the Director
for the Year Ended 31 March 2024


AUDITORS
The auditors, Tile & Co Essex Ltd, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N B Shakespeare - Director


27 December 2024

Report of the Independent Auditors to the Members of
Shakespeare Engineering International
(Asia) Limited


Opinion
We have audited the financial statements of Shakespeare Engineering International (Asia) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matters described in the Basis for opinion section, the financial statements:
- give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and
- have been prepared in accordance with the requirements of the Companies Act 2006.
- based on the work undertaken in the course of the audit, the strategic report and directors' report is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Shakespeare Engineering International
(Asia) Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we required for our audit

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Shakespeare Engineering International
(Asia) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-we identified the laws and regulations applicable to the company through discussions with directors and other management;
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
-tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation;
-enquiring of management as to actual and potential litigation and claims

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Shakespeare Engineering International
(Asia) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Julian Wyncoll ACA (Senior Statutory Auditor)
for and on behalf of Tile & Co Essex Ltd, Chartered Accountants
Warden House
37 Manor Road
Colchester
Essex
CO3 3LX

27 December 2024

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Consolidated Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 3 10,662,341 10,621,797

Cost of sales 4,021,007 4,453,737
GROSS PROFIT 6,641,334 6,168,060

Distribution costs 189,567 424,794
Administrative expenses 6,045,078 4,874,798
6,234,645 5,299,592
406,689 868,468

Other operating income - 8,388
OPERATING PROFIT 5 406,689 876,856

Interest receivable and similar income 13 3
406,702 876,859

Interest payable and similar expenses 6 248,221 194,383
PROFIT BEFORE TAXATION 158,481 682,476

Tax on profit 7 43,176 103,648
PROFIT FOR THE FINANCIAL YEAR 115,305 578,828
Profit attributable to:
Owners of the parent 115,305 578,828

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 115,305 578,828


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

115,305

578,828

Total comprehensive income attributable to:
Owners of the parent 115,305 578,828

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,494,328 2,769,940
Investments 10 - -
2,494,328 2,769,940

CURRENT ASSETS
Stocks 11 476,663 843,254
Debtors 12 7,216,004 7,303,347
Cash at bank and in hand 235,992 155,060
7,928,659 8,301,661
CREDITORS
Amounts falling due within one year 13 2,911,712 4,046,283
NET CURRENT ASSETS 5,016,947 4,255,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,511,275

7,025,318

CREDITORS
Amounts falling due after more than one year 14 (2,239,801 ) (1,912,325 )

PROVISIONS FOR LIABILITIES 18 (252,821 ) (209,645 )
NET ASSETS 5,018,653 4,903,348

CAPITAL AND RESERVES
Called up share capital 19 101 101
Retained earnings 20 5,018,552 4,903,247
SHAREHOLDERS' FUNDS 5,018,653 4,903,348

The financial statements were approved by the director and authorised for issue on 27 December 2024 and were signed by:





N B Shakespeare - Director


Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 907,012 1,087,934
Investments 10 200 200
907,212 1,088,134

CURRENT ASSETS
Stocks 11 404,200 726,131
Debtors 12 6,222,910 6,189,504
Cash at bank and in hand 186,501 108,415
6,813,611 7,024,050
CREDITORS
Amounts falling due within one year 13 1,689,230 2,907,558
NET CURRENT ASSETS 5,124,381 4,116,492
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,031,593

5,204,626

CREDITORS
Amounts falling due after more than one year 14 (656,403 ) (194,318 )

PROVISIONS FOR LIABILITIES 18 (174,195 ) (165,695 )
NET ASSETS 5,200,995 4,844,613

CAPITAL AND RESERVES
Called up share capital 19 101 101
Retained earnings 20 5,200,894 4,844,512
SHAREHOLDERS' FUNDS 5,200,995 4,844,613

Company's profit for the financial year 356,382 574,649

The financial statements were approved by the director and authorised for issue on 27 December 2024 and were signed by:





N B Shakespeare - Director


Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 101 4,324,419 4,324,520

Changes in equity
Total comprehensive income - 578,828 578,828
Balance at 31 March 2023 101 4,903,247 4,903,348

Changes in equity
Total comprehensive income - 115,305 115,305
Balance at 31 March 2024 101 5,018,552 5,018,653

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 101 4,269,863 4,269,964

Changes in equity
Total comprehensive income - 574,649 574,649
Balance at 31 March 2023 101 4,844,512 4,844,613

Changes in equity
Total comprehensive income - 356,382 356,382
Balance at 31 March 2024 101 5,200,894 5,200,995

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 416,704 1,133,444
Interest paid (58,581 ) (59,628 )
Interest element of hire purchase payments
paid

(189,640

)

(134,755

)
Net cash from operating activities 168,483 939,061

Cash flows from investing activities
Purchase of tangible fixed assets (514,177 ) (1,506,624 )
Sale of tangible fixed assets 65,645 64,354
Interest received 13 3
Net cash from investing activities (448,519 ) (1,442,267 )

Cash flows from financing activities
New loans in year 1,186,090 829,731
Capital repayments in year (763,734 ) (596,239 )
Net cash from financing activities 422,356 233,492

Increase/(decrease) in cash and cash equivalents 142,320 (269,714 )
Cash and cash equivalents at beginning of
year

2

(703,136

)

(433,422

)

Cash and cash equivalents at end of year 2 (560,816 ) (703,136 )

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 158,481 682,476
Depreciation charges 735,866 476,209
Profit on disposal of fixed assets (11,724 ) (32,141 )
Finance costs 248,221 194,383
Finance income (13 ) (3 )
1,130,831 1,320,924
Decrease/(increase) in stocks 366,591 (291,819 )
Decrease/(increase) in trade and other debtors 87,339 (1,058,937 )
(Decrease)/increase in trade and other creditors (1,168,057 ) 1,163,276
Cash generated from operations 416,704 1,133,444

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 235,992 155,060
Bank overdrafts (796,808 ) (858,196 )
(560,816 ) (703,136 )
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 155,060 48,888
Bank overdrafts (858,196 ) (482,310 )
(703,136 ) (433,422 )


Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 155,060 80,932 235,992
Bank overdrafts (858,196 ) 61,388 (796,808 )
(703,136 ) 142,320 (560,816 )
Debt
Finance leases (1,710,127 ) (642,003 ) (2,352,130 )
Debts falling due within 1 year (208,624 ) (25,533 ) (234,157 )
Debts falling due after 1 year (582,300 ) 245,186 (337,114 )
(2,501,051 ) (422,350 ) (2,923,401 )
Total (3,204,187 ) (280,030 ) (3,484,217 )

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Shakespeare Engineering International (Asia) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the group is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the group's forecasts and projections, the members have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods. Specifically, revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance and 20% on cost
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provision of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. All investments are measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit and loss.

Financial assets are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairments are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Provision for liabilities
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 9,615,421 9,057,778
Europe 904,690 1,443,077
United States of America 142,230 120,942
10,662,341 10,621,797

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 3,006,908 2,610,203
Social security costs 309,051 283,355
Other pension costs 292,149 249,096
3,608,108 3,142,654

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.24 31.3.23

Employees 80 73

The average number of employees by undertakings that were proportionately consolidated during the year was 80 (2023 - 73 ) .

31.3.24 31.3.23
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 39,769 42,582
Depreciation - owned assets 77,796 160,967
Depreciation - assets on hire purchase contracts 658,072 315,241
Profit on disposal of fixed assets (11,724 ) (32,141 )
Auditors' remuneration 26,000 14,500
Foreign exchange differences 26,070 98

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest 55,731 59,278
HMRC interest 2,850 350
Hire purchase 189,640 134,755
248,221 194,383

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Deferred tax 43,176 103,648
Tax on profit 43,176 103,648

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 229,803 76,578 6,398,089
Additions - - 365,263
Disposals - - (50,000 )
At 31 March 2024 229,803 76,578 6,713,352
DEPRECIATION
At 1 April 2023 85,703 44,591 4,042,911
Charge for year 6,989 7,657 645,237
Eliminated on disposal - - (50,000 )
At 31 March 2024 92,692 52,248 4,638,148
NET BOOK VALUE
At 31 March 2024 137,111 24,330 2,075,204
At 31 March 2023 144,100 31,987 2,355,178

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 414,877 14,593 7,133,940
Additions 148,914 - 514,177
Disposals (85,138 ) - (135,138 )
At 31 March 2024 478,653 14,593 7,512,979
DEPRECIATION
At 1 April 2023 177,954 12,841 4,364,000
Charge for year 75,293 692 735,868
Eliminated on disposal (31,217 ) - (81,217 )
At 31 March 2024 222,030 13,533 5,018,651
NET BOOK VALUE
At 31 March 2024 256,623 1,060 2,494,328
At 31 March 2023 236,923 1,752 2,769,940

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 2,431,962 320,982 2,752,944
Additions 305,382 148,914 454,296
Disposals - (85,138 ) (85,138 )
Transfer to ownership (31,027 ) - (31,027 )
At 31 March 2024 2,706,317 384,758 3,091,075
DEPRECIATION
At 1 April 2023 983,965 94,760 1,078,725
Charge for year 586,852 71,220 658,072
Eliminated on disposal - (31,217 ) (31,217 )
Transfer to ownership (557,115 ) - (557,115 )
At 31 March 2024 1,013,702 134,763 1,148,465
NET BOOK VALUE
At 31 March 2024 1,692,615 249,995 1,942,610
At 31 March 2023 1,447,997 226,222 1,674,219

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 229,803 35,000 2,451,002 144,074 2,859,879
Additions - - 76,812 - 76,812
At 31 March 2024 229,803 35,000 2,527,814 144,074 2,936,691
DEPRECIATION
At 1 April 2023 85,703 23,042 1,542,051 121,149 1,771,945
Charge for year 6,989 3,500 233,657 13,588 257,734
At 31 March 2024 92,692 26,542 1,775,708 134,737 2,029,679
NET BOOK VALUE
At 31 March 2024 137,111 8,458 752,106 9,337 907,012
At 31 March 2023 144,100 11,958 908,951 22,925 1,087,934

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 451,940 71,100 523,040
Additions 18,000 - 18,000
Transfer to ownership 298,450 - 298,450
At 31 March 2024 768,390 71,100 839,490
DEPRECIATION
At 1 April 2023 313,435 48,174 361,609
Charge for year 215,528 13,588 229,116
Transfer to ownership (305,204 ) - (305,204 )
At 31 March 2024 223,759 61,762 285,521
NET BOOK VALUE
At 31 March 2024 544,631 9,338 553,969
At 31 March 2023 138,505 22,926 161,431

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 200
NET BOOK VALUE
At 31 March 2024 200
At 31 March 2023 200

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Shakespeare Engineering International Limited
Registered office: 91 Haltwhistle Road,South Woodham Ferrers, Essex. CM3 5ZA.
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 848,205 809,613
Profit for the year 38,592 100,236

GBMF Engineering Limited
Registered office: 91 Haltwhistle Road,South Woodham Ferrers, Essex. CM3 5ZA.
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (1,030,347 ) (750,683 )
Loss for the year (279,664 ) (96,062 )


Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


11. STOCKS

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Stocks 476,663 843,254 404,200 726,131

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 1,850,896 2,193,616 758,968 1,012,520
Amounts owed by group undertakings - - 165,290 105,362
Other debtors 5,308,652 5,104,391 5,298,652 5,070,991
Prepayments and accrued income 56,456 5,340 - 631
7,216,004 7,303,347 6,222,910 6,189,504

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank loans and overdrafts (see note 15) 1,030,965 1,066,820 319,942 345,067
Hire purchase contracts (see note 16) 449,443 380,102 131,961 91,821
Trade creditors 837,347 2,093,580 395,914 1,704,852
Amounts owed to group undertakings - - 558,208 556,008
Social security and other taxes 96,888 85,892 31,120 27,923
Pensions 8,046 6,787 8,046 6,787
VAT 308,414 257,094 150,413 98,509
Other creditors 20,262 12,954 5,298 -
Accrued expenses 160,347 143,054 88,328 76,591
2,911,712 4,046,283 1,689,230 2,907,558

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank loans (see note 15) 337,114 582,300 117,482 181,482
Hire purchase contracts (see note 16) 1,902,687 1,330,025 538,921 12,836
2,239,801 1,912,325 656,403 194,318

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


15. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 796,808 858,196 256,348 284,593
Bank loans 234,157 208,624 63,594 60,474
1,030,965 1,066,820 319,942 345,067
Amounts falling due between one and two years:
Bank loans - 1-2 years 241,148 215,436 63,594 60,474
Amounts falling due between two and five years:
Bank loans - 2-5 years 93,251 343,945 51,173 98,089
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,715 22,919 2,715 22,919

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 449,443 380,102
Between one and five years 1,902,687 1,330,025
2,352,130 1,710,127

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


16. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 131,961 91,821
Between one and five years 538,921 12,836
670,882 104,657


17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank overdraft 796,808 858,196 256,348 284,593
Bank loans 571,271 790,924 181,076 241,956
Hire purchase contracts 2,352,130 1,710,127 670,882 104,657
3,720,209 3,359,247 1,108,306 631,206

The bank loans and overdraft are secured by way of a fixed and floating charge over all assets of the company and a legal charge over a freehold property owned by the company.

The hire purchase liability is secured on the asset to which they relate.

18. PROVISIONS FOR LIABILITIES

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Deferred tax 252,821 209,645 174,195 165,695

Group
Deferred
tax
£   
Balance at 1 April 2023 209,645
Charge to Income Statement during year 43,176
Balance at 31 March 2024 252,821

Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2023 165,695
Charge to Income Statement during year 8,500
Balance at 31 March 2024 174,195

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
101 Ordinary £1 101 101

20. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 4,903,247
Profit for the year 115,305
At 31 March 2024 5,018,552

Company
Retained
earnings
£   

At 1 April 2023 4,844,512
Profit for the year 356,382
At 31 March 2024 5,200,894


Shakespeare Engineering International
(Asia) Limited (Registered number: 07006110)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


21. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements - 143,100

22. RELATED PARTY DISCLOSURES

As at 31 March 2024 Shakespeare Engineering International (Asia) Limited was owed £5,296,627 (2023: £5,068,966) from a company controlled by key management personnel, which is unsecured, interest free and repayable on demand.

Related party transactions are at arm's length.

The company does not have a parent undertaking. The ultimate controlling party of the group is N B Shakespeare.