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Registered number: 04184642










SMIT MOBILE EQUIPMENT (UK) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
REGISTERED NUMBER: 04184642

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,585
14,588

Current assets
  

Stocks
  
148,891
415,334

Debtors: amounts falling due within one year
 5 
1,027,710
832,330

Cash at bank and in hand
  
41,372
65,061

  
1,217,973
1,312,725

Creditors: amounts falling due within one year
 6 
(285,637)
(260,332)

Net current assets
  
 
 
932,336
 
 
1,052,393

Total assets less current liabilities
  
942,921
1,066,981

  

Net assets
  
942,921
1,066,981


Capital and reserves
  

Called up share capital 
  
999
999

Profit and loss account
  
941,922
1,065,982

  
942,921
1,066,981


Page 1

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
REGISTERED NUMBER: 04184642
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






G A Smit
Director
Date: 30 January 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Smit Mobile Equipment (UK) Limited (04184642) is a private company, limited by shares and incorporated in England and Wales. The address of its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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'.

 
2.4

Interest income

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

Page 4

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 reporting 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 reporting 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 reporting date.

 
2.6

Pensions

The company operations 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 the Statement of income and retained earnings when they fall due. Amounts not paid are shown as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in an independently administered funds.

 
2.7

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.

 
2.8

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 5

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over length of lease
Plant and machinery
-
3 to 5 years
Motor vehicles
-
5 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.

Page 6

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 reporting 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.

Stock Provision
The following policy is a group policy implemented from June 2024 due to a change in business future operation plans. However, as the stock being provided against was held at 31.12.2023 this policy has therefore also been reflected in the 2023 accounts.
Allowances must be recorded for excess and obsolete (E&O) inventory. E&O allowances must be calculated on an item-by-item basis by comparing the current quantity on hand to the historical quantity used. E&O allowances must be calculated for all classes of inventory (raw materials, WIP, and finished goods).
The E&O calculation is performed in two steps:
Step 1. The quantity on hand is compared to the most recent 12 months of usage. If the most recent 12 months of usage is greater than 25% of the quantity on hand (QOH), no allowance is required. If the usage is less than or equal to 25% of the QOH, an allowance of 50% is required and the item is also subject to Step 2.
Step 2.The QOH is compared to the most recent 24 months of usage. If the most recent 24 months of usage is greater than 25% of the QOH, no additional allowance is required (above and beyond the 50% calculated in Step 1). If the 24-month usage is less than or equal to 25% of the QOH, an allowance of 100% is required.
An operating unit may exclude certain items (“allowable exclusions”) from the E&O calculation which meet any of the following criteria. All allowable exclusions must be clearly documented and supported. Where approvals are required, approvals must be obtained prior to excluding items from the calculation. Approvals for exclusions are valid for up to 12 months.
1. Intended for a specific project or business need which has an executed customer purchase order or contract, including “take or pay arrangements”.
2. Stocked in anticipation of increased demand resulting from new industry/regulatory requirements. Group VP of Finance and Marmon VP – Controller approval is required for all such exclusions.
3. Stocked based on forecasted customer demand (retail, distribution, and parts businesses only). Group VP of Finance and Marmon VP – Controller approval is required for all such exclusions.
4. New items have a 24-month exemption from the E&O calculation. This exemption begins on the date the inventory is first received, not when the date the item is created in the inventory system. If a “new” item is being reintroduced, it must not have been stocked/sold during the preceding 12 months. If it becomes evident that a new item is not gaining traction as expected, that item should be included in the calculation prior to the expiration of the 24-month exemption period. Once a new item is subject to the calculation, the usage history from the 24-month exemption period shall be applied. For example, a new item is first received on January 1, 2021. The item is exempt from the E&O
Page 7

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Stocks (continued)

calculation until January 1, 2023. Beginning January 1, 2023, the usage history from January 1, 2021, through December 31, 2022 shall be used in the E&O calculation.

 
2.10

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.

 
2.11

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

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

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.

Basic financial assets

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

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 8

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

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

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

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

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


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 11).

Page 9

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
5,550
55,245
49,019
109,814


Additions
-
3,016
-
3,016


Disposals
-
(1,613)
-
(1,613)



At 31 December 2023

5,550
56,648
49,019
111,217



Depreciation


At 1 January 2023
5,550
55,045
34,631
95,226


Charge for the year on owned assets
-
1,624
5,395
7,019


Disposals
-
(1,613)
-
(1,613)



At 31 December 2023

5,550
55,056
40,026
100,632



Net book value



At 31 December 2023
-
1,592
8,993
10,585



At 31 December 2022
-
199
14,388
14,587

Page 10

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
156,085
164,755

Amounts owed by group undertakings
718,550
596,859

Other debtors
6,684
6,208

Prepayments and accrued income
56,569
61,003

Deferred taxation
89,822
3,505

1,027,710
832,330



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,538
24,284

Amounts owed to group undertakings
77,831
77,831

Corporation tax
-
5,120

Other taxation and social security
54,105
46,247

Other creditors
3,087
3,047

Accruals and deferred income
123,076
103,803

285,637
260,332


Page 11

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023


£






At beginning of year
3,505


Charged to profit or loss
86,317



At end of year
89,822

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,176)
(1,854)

Short term timing differences
90,998
5,359

89,822
3,505


8.


Pension commitments

The Company operates a defined contributions 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 £17,596 (2022 - £17,011). Contributions of £3,087 (2022 - £3,047) were payable to the fund at the reporting date.


9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
117,908
98,631

Later than 1 year and not later than 5 years
277,317
337,596

395,225
436,227

Page 12

 
SMIT MOBILE EQUIPMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

The company has taken the advantage of the exemption conferred by section 33 in Financial Reporting Standard 102 "Related party disclosures" not to disclose transactions with wholly owned members of the group.


11.


Controlling party

The company's immediate parent company is GAS UK B.V., registered in the Netherlands. 
The ultimate parent company is Berkshire Hathaway Inc. registed in the USA.
Accounts of this group are available to the public and may be obtained from: www.berkshirehathaway.com or 3555 Farnam Street, Omaha, NE 68131. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 January 2025 by Stephen South FCA (Senior Statutory Auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 13