Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30falsetrue2023-07-01No description of principal activity3636falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01358584 2023-07-01 2024-06-30 01358584 2022-07-01 2023-06-30 01358584 2024-06-30 01358584 2023-06-30 01358584 c:Director1 2023-07-01 2024-06-30 01358584 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 01358584 d:Buildings d:ShortLeaseholdAssets 2023-07-01 2024-06-30 01358584 d:Buildings d:ShortLeaseholdAssets 2024-06-30 01358584 d:Buildings d:ShortLeaseholdAssets 2023-06-30 01358584 d:PlantMachinery 2023-07-01 2024-06-30 01358584 d:PlantMachinery 2024-06-30 01358584 d:PlantMachinery 2023-06-30 01358584 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01358584 d:MotorVehicles 2023-07-01 2024-06-30 01358584 d:MotorVehicles 2024-06-30 01358584 d:MotorVehicles 2023-06-30 01358584 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01358584 d:OfficeEquipment 2023-07-01 2024-06-30 01358584 d:OfficeEquipment 2024-06-30 01358584 d:OfficeEquipment 2023-06-30 01358584 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01358584 d:ComputerEquipment 2023-07-01 2024-06-30 01358584 d:ComputerEquipment 2024-06-30 01358584 d:ComputerEquipment 2023-06-30 01358584 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01358584 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01358584 d:CurrentFinancialInstruments 2024-06-30 01358584 d:CurrentFinancialInstruments 2023-06-30 01358584 d:Non-currentFinancialInstruments 2024-06-30 01358584 d:Non-currentFinancialInstruments 2023-06-30 01358584 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01358584 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01358584 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 01358584 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01358584 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 01358584 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 01358584 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 01358584 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 01358584 d:ShareCapital 2024-06-30 01358584 d:ShareCapital 2023-06-30 01358584 d:RetainedEarningsAccumulatedLosses 2024-06-30 01358584 d:RetainedEarningsAccumulatedLosses 2023-06-30 01358584 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 01358584 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 01358584 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-06-30 01358584 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-06-30 01358584 c:FRS102 2023-07-01 2024-06-30 01358584 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 01358584 c:FullAccounts 2023-07-01 2024-06-30 01358584 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01358584 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 01358584










BENCHMARK WIRELINE PRODUCTS LTD.








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
BENCHMARK WIRELINE PRODUCTS LTD.
REGISTERED NUMBER: 01358584

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
152,773
178,989

  
152,773
178,989

Current assets
  

Stocks
  
2,276,411
2,645,242

Debtors: amounts falling due within one year
 5 
1,392,890
1,602,216

Cash at bank and in hand
  
408,272
5,145

  
4,077,573
4,252,603

Creditors: amounts falling due within one year
 6 
(3,582,571)
(4,182,513)

Net current assets
  
 
 
495,002
 
 
70,090

Total assets less current liabilities
  
647,775
249,079

Creditors: amounts falling due after more than one year
 7 
(13,957)
(24,127)

Provisions for liabilities
  

Other provisions
 9 
(75,000)
(75,000)

  
 
 
(75,000)
 
 
(75,000)

Net assets
  
558,818
149,952


Capital and reserves
  

Called up share capital 
  
90,000
90,000

Profit and loss account
  
468,818
59,952

  
558,818
149,952


Page 1

 
BENCHMARK WIRELINE PRODUCTS LTD.
REGISTERED NUMBER: 01358584
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The Company has opted not to file the income statement 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: 




................................................
S D Beck
Director

Date: 27 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Benchmark Wireline Products Ltd is a private company limited by shares and incorporated in England and Wales, registration number 01358584. The registered office is 48-54 Fuller Road, Harleston Industrial Estate, Harleston, Norfolk, IP20 9EA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's forecasts, projections and pipeline, taking account of reasonably possible changes in trading performance, show that the Company will be able to continue to operate within the level of its current facilities.
The Company's ultimate parent Company, MayBe Holdings Inc, have agreed to offer financial support to the Company if required.

Page 3

 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Turnover

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

Sale of goods

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

The amount recorded as turnover in respect of construction contracts is ascertained by reference to the proportion of costs incurred to date to total costs. 

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
straight line over the life of the lease
Plant and machinery
-
15%
on a reducing balance basis
Motor vehicles
-
25%
on a reducing balance basis
Office equipment
-
15%
on a reducing balance basis
Computer equipment
-
33%
on a reducing balance basis

Assets in the course of construction are not depreciated.

Page 4

 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.7

Construction contracts

Construction contract balances are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of construction contracts is ascertained by reference to the proportion of costs incurred to date to total costs. Attributable profit is recognised as the difference between recorded turnover and related costs.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

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.

Page 5

 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2023 - 36).

Page 6
 


 
BENCHMARK WIRELINE PRODUCTS LTD.


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


4.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 July 2023
438,438
398,053
38,340
17,220
67,113


Additions
-
5,033
-
-
3,085


Disposals
-
(3,522)
-
-
-



At 30 June 2024

438,438
399,564
38,340
17,220
70,198



Depreciation


At 1 July 2023
426,535
263,780
27,263
10,206
52,391


Charge for the year on owned assets
1,827
20,142
2,769
1,052
5,198


Disposals
-
(176)
-
-
-



At 30 June 2024

428,362
283,746
30,032
11,258
57,589



Net book value



At 30 June 2024
10,076
115,818
8,308
5,962
12,609



At 30 June 2023
11,903
134,273
11,077
7,014
14,722
Page 7
 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 July 2023
959,164


Additions
8,118


Disposals
(3,522)



At 30 June 2024

963,760



Depreciation


At 1 July 2023
780,175


Charge for the year on owned assets
30,988


Disposals
(176)



At 30 June 2024

810,987



Net book value



At 30 June 2024
152,773



At 30 June 2023
178,989

Page 8

 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
834,647
1,300,308

Amounts owed by group undertakings
520,879
239,792

Other debtors
27,769
23,985

Prepayments and accrued income
9,595
38,131

1,392,890
1,602,216



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
3,032

Bank loans
10,156
9,895

Excess payments received on account on construction contracts
2,852,523
2,370,801

Trade creditors
402,778
1,003,865

Amounts owed to group undertakings
20,062
232,471

Amounts owed to other participating interests
206,609
326,119

Other taxation and social security
44,840
160,231

Other creditors
16,413
38,186

Accruals and deferred income
29,190
37,913

3,582,571
4,182,513



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,957
24,127

13,957
24,127


Page 9

 
BENCHMARK WIRELINE PRODUCTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,156
9,895


10,156
9,895

Amounts falling due 1-2 years

Bank loans
10,425
10,170


10,425
10,170

Amounts falling due 2-5 years

Bank loans
3,532
13,957


3,532
13,957


24,113
34,022



9.


Provisions





Warranty provision
Dilapidation provision
Total

£
£
£





At 1 July 2023
45,000
30,000
75,000



At 30 June 2024
45,000
30,000
75,000

Warranty provision
The provision represents the expected costs to be incurred. 
Dilapidation provision
The provision represents the cost of returning the leasehold property to its original condition at the end of the lease term.
 

 
Page 10