Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-01falseNo description of principal activity99truefalse 02398977 2024-01-01 2024-12-31 02398977 2023-01-01 2023-12-31 02398977 2024-12-31 02398977 2023-12-31 02398977 c:Director1 2024-01-01 2024-12-31 02398977 d:Buildings 2024-01-01 2024-12-31 02398977 d:Buildings 2024-12-31 02398977 d:Buildings 2023-12-31 02398977 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02398977 d:PlantMachinery 2024-01-01 2024-12-31 02398977 d:PlantMachinery 2024-12-31 02398977 d:PlantMachinery 2023-12-31 02398977 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02398977 d:MotorVehicles 2024-01-01 2024-12-31 02398977 d:MotorVehicles 2024-12-31 02398977 d:MotorVehicles 2023-12-31 02398977 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02398977 d:FurnitureFittings 2024-01-01 2024-12-31 02398977 d:FurnitureFittings 2024-12-31 02398977 d:FurnitureFittings 2023-12-31 02398977 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02398977 d:OfficeEquipment 2024-01-01 2024-12-31 02398977 d:OfficeEquipment 2024-12-31 02398977 d:OfficeEquipment 2023-12-31 02398977 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02398977 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02398977 d:CurrentFinancialInstruments 2024-12-31 02398977 d:CurrentFinancialInstruments 2023-12-31 02398977 d:Non-currentFinancialInstruments 2024-12-31 02398977 d:Non-currentFinancialInstruments 2023-12-31 02398977 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02398977 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02398977 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02398977 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 02398977 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02398977 d:ShareCapital 2024-12-31 02398977 d:ShareCapital 2023-12-31 02398977 d:CapitalRedemptionReserve 2024-12-31 02398977 d:CapitalRedemptionReserve 2023-12-31 02398977 d:RetainedEarningsAccumulatedLosses 2024-12-31 02398977 d:RetainedEarningsAccumulatedLosses 2023-12-31 02398977 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02398977 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02398977 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02398977 c:OrdinaryShareClass1 2024-12-31 02398977 c:OrdinaryShareClass1 2023-12-31 02398977 c:FRS102 2024-01-01 2024-12-31 02398977 c:Audited 2024-01-01 2024-12-31 02398977 c:FullAccounts 2024-01-01 2024-12-31 02398977 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02398977 d:WithinOneYear 2024-12-31 02398977 d:WithinOneYear 2023-12-31 02398977 d:BetweenOneFiveYears 2024-12-31 02398977 d:BetweenOneFiveYears 2023-12-31 02398977 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02398977 2 2024-01-01 2024-12-31 02398977 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02398977










WORLD PRECISION INSTRUMENTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WORLD PRECISION INSTRUMENTS LIMITED
REGISTERED NUMBER: 02398977

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
218,261
224,562

  
218,261
224,562

Current assets
  

Stocks
  
319,717
353,288

Debtors: amounts falling due within one year
 5 
313,001
221,906

Cash at bank and in hand
 6 
536,229
681,595

  
1,168,947
1,256,789

Creditors: amounts falling due within one year
 7 
(338,167)
(321,923)

Net current assets
  
 
 
830,780
 
 
934,866

Total assets less current liabilities
  
1,049,041
1,159,428

Creditors: amounts falling due after more than one year
 8 
(5,151)
(15,074)

Provisions for liabilities
  

Deferred tax
 10 
(5,048)
(4,781)

  
 
 
(5,048)
 
 
(4,781)

Net assets
  
1,038,842
1,139,573


Capital and reserves
  

Called up share capital 
 11 
60
60

Capital redemption reserve
  
40
40

Profit and loss account
  
1,038,742
1,139,473

  
1,038,842
1,139,573

Page 1

 
WORLD PRECISION INSTRUMENTS LIMITED
REGISTERED NUMBER: 02398977
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.






A T Waldes
Director

The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies

 
1.1

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 following principal accounting policies have been applied:

 
1.2

Going concern

The financial statements have been prepared on a going concern basis.  The Directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment.  
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.  Numbers in these financial statements are rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.4

Revenue

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

Sale of goods

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

 
1.5

Interest income

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

 
1.6

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.

 
1.7

Borrowing costs

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

 
1.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.9

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.


 
1.10

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 following basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
33%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
33%
Reducing balance

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 5

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.11

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 last 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.

 
1.12

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.

 
1.13

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.

 
1.14

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.

 
1.15

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.
Page 6

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.16

Financial instruments

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

Financial instruments are recognised in the Company's Statement of financial position 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

 
1.17

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.


2.


General information

World Precision Instruments Limited is a private company, limited by shares and incorporated in England.
Its registered number is: 02398977
The Registered Office address is:
1 Hunting Gate
Hitchin
Hertfordshire
SG4 0TJ


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).

Page 7
 


 
WORLD PRECISION INSTRUMENTS LIMITED


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


4.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
242,493
46,550
32,207
46,022
21,154
388,426


Additions
-
22,435
-
253
-
22,688


Disposals
-
(12,195)
-
-
(185)
(12,380)



At 31 December 2024

242,493
56,790
32,207
46,275
20,969
398,734



Depreciation


At 1 January 2024
63,037
22,315
22,017
40,186
16,310
163,865


Charge for the year on owned assets
4,849
13,603
2,548
913
1,598
23,511


Disposals
-
(6,721)
-
-
(182)
(6,903)



At 31 December 2024

67,886
29,197
24,565
41,099
17,726
180,473



Net book value



At 31 December 2024
174,607
27,593
7,642
5,176
3,243
218,261



At 31 December 2023
179,456
24,235
10,191
5,836
4,844
224,562

Page 8
 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
208,205
92,009

Amounts owed by group undertakings
47,610
68,743

Other debtors
223
35,081

Prepayments and accrued income
56,963
26,073

313,001
221,906



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
536,229
681,595

536,229
681,595



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,400
8,850

Trade creditors
36,936
43,633

Amounts owed to group undertakings
28,675
32,374

Corporation tax
56,604
63,298

Other taxation and social security
4,521
-

Other creditors
16,797
10,716

Accruals and deferred income
185,234
163,052

338,167
321,923


Page 9

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,151
15,074

5,151
15,074


The following liabilities were secured:

2024
2023
£
£



Bank loans
14,551
23,924

14,551
23,924

Details of security provided:

The loan is secured by the first legal charge over the commercial property known as 1 Hunting Gate, Hitchin, Hertfordshire, SG4 0TJ dated 20th May 2011.  

Page 10

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,400
8,850


9,400
8,850

Amounts falling due 1-2 years

Bank loans
5,151
8,850


5,151
8,850

Amounts falling due 2-5 years

Bank loans
-
6,224


-
6,224


14,551
23,924


Page 11

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Deferred taxation




2024


£






At beginning of year
(4,781)


Charged to profit or loss
(267)



At end of year
(5,048)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,048)
(4,781)

(5,048)
(4,781)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60 (2023 - 60) Ordinary shares of £1.00 each
60
60



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £17,338 (2023 - £68,987). Contributions totalling £nil (2023: £52,498) were payable to the fund at the reporting date and are included in creditors.

Page 12

 
WORLD PRECISION INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
15,083
12,312

Later than 1 year and not later than 5 years
14,230
14,881

29,313
27,193


14.


Related party transactions

As the company is a wholly owned subsidiary of World Precision Instruments LLC the Company has taken advantage of the exemption in section 1AC.35 of FRS102 1A and has therefore not disclosed transactions or balances with wholly owned subsidiaries of the group headed by World Precision Instruments LLC.  The consolidated financial statements, within which the Company is included, can be obtained from 175 Sarasota Centee Blvd, Sarasota, FL 34240 in the United States of America. 


15.


Controlling party

The controlling party is World Precision Instruments LLC, being the 100% shareholder, a company incorporated in the United States of America.


16.
 

Provisions available for audits of small entities

We have undertaken the audit in accordance with the requirements of Financial Reporting Council's  Ethical Standards, including 'FRC Ethical Standards  - Provisions Available for Audits of Small Entities (PAASE)'.  In common with many other businessess of this size and nature, the Company uses our firm to prepare the payroll, submit corporation tax returns, and assist with the preparation of the financial statements.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 February 2025 by Martin Van Beek FCCA (Senior statutory auditor) on behalf of Ashleys (Hitchin) Limited.

 
Page 13