Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312025-05-192025-05-19truefalse2023-01-01No description of principal activity2419truefalse 09746904 2023-01-01 2024-03-31 09746904 2022-01-01 2022-12-31 09746904 2024-03-31 09746904 2022-12-31 09746904 2022-01-01 09746904 c:Director3 2023-01-01 2024-03-31 09746904 c:Director6 2023-01-01 2024-03-31 09746904 d:Buildings d:LongLeaseholdAssets 2023-01-01 2024-03-31 09746904 d:Buildings d:LongLeaseholdAssets 2024-03-31 09746904 d:Buildings d:LongLeaseholdAssets 2022-12-31 09746904 d:PlantMachinery 2023-01-01 2024-03-31 09746904 d:PlantMachinery 2024-03-31 09746904 d:PlantMachinery 2022-12-31 09746904 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 09746904 d:MotorVehicles 2023-01-01 2024-03-31 09746904 d:MotorVehicles 2024-03-31 09746904 d:MotorVehicles 2022-12-31 09746904 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 09746904 d:FurnitureFittings 2023-01-01 2024-03-31 09746904 d:OfficeEquipment 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09746904 d:ComputerSoftware 2022-12-31 09746904 d:CurrentFinancialInstruments 2024-03-31 09746904 d:CurrentFinancialInstruments 2022-12-31 09746904 d:Non-currentFinancialInstruments 2024-03-31 09746904 d:Non-currentFinancialInstruments 2022-12-31 09746904 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09746904 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09746904 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09746904 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09746904 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 09746904 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 09746904 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 09746904 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 09746904 d:ShareCapital 2024-03-31 09746904 d:ShareCapital 2022-12-31 09746904 d:ShareCapital 2022-01-01 09746904 d:SharePremium 2024-03-31 09746904 d:SharePremium 2022-12-31 09746904 d:SharePremium 2022-01-01 09746904 d:RevaluationReserve 2024-03-31 09746904 d:RevaluationReserve 2022-12-31 09746904 d:RevaluationReserve 2022-01-01 09746904 d:RetainedEarningsAccumulatedLosses 2023-01-01 2024-03-31 09746904 d:RetainedEarningsAccumulatedLosses 2024-03-31 09746904 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09746904 d:RetainedEarningsAccumulatedLosses 2022-12-31 09746904 d:RetainedEarningsAccumulatedLosses 2022-01-01 09746904 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09746904 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09746904 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 09746904 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 09746904 c:OrdinaryShareClass1 2023-01-01 2024-03-31 09746904 c:OrdinaryShareClass1 2024-03-31 09746904 c:OrdinaryShareClass1 2022-12-31 09746904 c:FRS102 2023-01-01 2024-03-31 09746904 c:Audited 2023-01-01 2024-03-31 09746904 c:FullAccounts 2023-01-01 2024-03-31 09746904 c:PrivateLimitedCompanyLtd 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2024-03-31 09746904 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2024-03-31 09746904 d:Right-of-useIntangibleAssets 2023-01-01 2024-03-31 09746904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:Right-of-useIntangibleAssets 2023-01-01 2024-03-31 09746904 d:ComputerSoftware d:Right-of-useIntangibleAssets 2023-01-01 2024-03-31 09746904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2024-03-31 09746904 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2024-03-31 09746904 e:PoundSterling 2023-01-01 2024-03-31 09746904 d:SharePremium d:AccountingPolicyChangeIncreaseDecrease 2022-01-01 2022-12-31 09746904 d:ShareCapital d:AccountingPolicyChangeIncreaseDecrease 2022-01-01 2022-12-31 09746904 d:RevaluationReserve d:PreviouslyStatedAmount 2022-01-01 09746904 d:RetainedEarningsAccumulatedLosses d:PreviouslyStatedAmount 2022-01-01 09746904 d:PreviouslyStatedAmount 2022-01-01 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09746904
















FERITECH GLOBAL LTD




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024


































img0852.png


FERITECH GLOBAL LTD
REGISTERED NUMBER:09746904

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

Unaudited 31 December
31 March 2024
2022 (as restated)
Note
£
£

Fixed assets
  

Intangible assets
 5 
20,790
134,093

Tangible assets
 6 
3,248,593
2,649,165

  
3,269,383
2,783,258

Current assets
  

Stocks
 7 
179,423
133,136

Debtors
 8 
698,145
1,300,528

Cash at bank and in hand
 9 
129,898
256,372

  
1,007,466
1,690,036

Creditors: amounts falling due within one year
 10 
(2,618,404)
(1,020,403)

Net current (liabilities)/assets
  
 
 
(1,610,938)
 
 
669,633

Total assets less current liabilities
  
1,658,445
3,452,891

Creditors: amounts falling due after more than one year
 11 
(20,200)
(1,615,645)

Provisions for liabilities
  

Deferred tax
 14 
(315,112)
-

Net assets
  
1,323,133
1,837,246


Capital and reserves
  

Called up share capital 
 15 
112
112

Share premium account
  
199,988
199,988

Profit and loss account
  
1,123,033
1,637,146

  
1,323,133
1,837,246


Page 1


FERITECH GLOBAL LTD
REGISTERED NUMBER:09746904
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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





D Prelevic
M A Smith
Director
Director


Date: 19 May 2025

The notes on pages 4 to 16 form part of these financial statements.

Page 2
 

FERITECH GLOBAL LTD
 
 
 


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024



Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2022 (as previously stated)
112
199,988
1,063,508
1,026,799
2,290,407


Prior year adjustment - change in accounting policy
-
-
(1,063,508)
229,780
(833,728)



At 1 January 2022 (as restated)
112
199,988
-
1,256,579
1,456,679





Profit for the year
-
-
-
380,567
380,567





At 1 January 2023
112
199,988
-
1,637,146
1,837,246



Comprehensive income for the period


Loss for the period
-
-
-
(514,113)
(514,113)



At 31 March 2024
112
199,988
-
1,123,033
1,323,133



The notes on pages 4 to 16 form part of these financial statements.

Page 3

FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Feritech Global Ltd is a private limited company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company has generated a loss after tax of £514,113 in the current year (2022: £380,567 profit) and at the year-end date had net current liabilities of £1,610,938 (2022: £669,633 asset).
Management accounts indicate a further loss for the year to March 2025 of £1m, although of this loss £0.447m relates to a one-off bad debt write off and £0.56m in relation to an aborted asset build (non-recurring). However, with the losses incurred in 2025, the company balance sheet has overall net liabilities at 31 March 2025. 
Whilst Addtech (ultimate controlling party) has provided a letter of support declaring their intention to provide financial support to the UK company for a period of at least 12 months from the date of signing the 2024 financial statements, no formal deed of undertaking has been issued to confirm the necessary support. 
The UK Company is forecasting a return to profits in 25/26 however, the Directors recognise that the weakened financial position at March 2025 does create an uncertainty, and have therefore concluded that a material uncertainty exists in relation to events or conditions that may cast significant doubt on the ability of the Company to realise its assets and discharge its liabilities in the normal course of business and, therefore, continue to operate as a going concern. The Directors’ assumptions and outlook assume continued support to finance business operations will be available from the parent company. The financial statements do not reflect the adjustments that would be necessary should the ability of the Company to trade be jeopardised due to the loss of such support.

 
2.3

REVENUE

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.

 
2.4

INTEREST INCOME

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

Page 4


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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.

 
2.6

BORROWING COSTS

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

 
2.7

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.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the period 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.



 
2.9

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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 straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 years
Plant and machinery
-
10 years
Motor vehicles
-
3 years
Fixtures and fittings
-
10 years
Computer equipment
-
10 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.

From 1 January 2023, the following depreciation bases changed:  
Plant and machinery changed from 25% reducing balance to 10% straight-line
Fixtures and fittings changed from 25% reducing balance to 10% straight-line
Computer equipment changed from 25% reducing balance to 10% straight-line
The changes were made in order to better reflect the useful life of the assets.
 
Furthermore, in the prior year the plant and machinery was held at valuation. During the current period, it was decided that these assets should be held at historical cost less impairment for improved reliability of the amounts in the financial statements. Prior year figures have been restated and details of the adjustments carried out can be found in note 16.
 
 
2.11

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 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.

 
2.12

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.

Page 6


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

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.

 
2.14

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.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those 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.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 24 (2022:19).

Page 7


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


INTANGIBLE ASSETS






Development expenditure
Other Intangible Assets
Total

£
£
£



COST


At 1 January 2023
-
178,791
178,791


Additions
35,640
-
35,640



At 31 March 2024

35,640
178,791
214,431



AMORTISATION


At 1 January 2023
-
44,698
44,698


Charge for the period on owned assets
14,850
-
14,850


Charge for the period on financed assets
-
5,587
5,587


Impairment charge
-
128,506
128,506



At 31 March 2024

14,850
178,791
193,641



NET BOOK VALUE



At 31 March 2024
20,790
-
20,790



At 31 December 2022
-
134,093
134,093



Page 8
 

FERITECH GLOBAL LTD
 
 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024


6.


TANGIBLE FIXED ASSETS (AS RESTATED)









Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures & Fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£



COST


At 1 January 2023
907,946
2,168,132
8,516
42,639
108,436
122,843
3,358,512


Additions
103,300
110,824
28,298
10,220
30,375
1,043,395
1,326,412


Disposals
-
(410,395)
-
-
(1,617)
-
(412,012)



At 31 March 2024

1,011,246
1,868,561
36,814
52,859
137,194
1,166,238
4,272,912



DEPRECIATION


At 1 January 2023
68,319
536,926
2,839
15,256
86,007
-
709,347


Charge for the period on owned assets
121,241
212,211
15,339
13,042
15,147
-
376,980


Disposals
-
(61,369)
-
-
(639)
-
(62,008)



At 31 March 2024

189,560
687,768
18,178
28,298
100,515
-
1,024,319



NET BOOK VALUE



At 31 March 2024
821,686
1,180,793
18,636
24,561
36,679
1,166,238
3,248,593



At 31 December 2022
839,627
1,631,206
5,677
27,383
22,429
122,843
2,649,165

Page 9

 

FERITECH GLOBAL LTD
 
 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           6.TANGIBLE FIXED ASSETS (AS RESTATED) (CONTINUED)

The prior period adjustment relates to plant and machinery and is due to a change in accounting policy in the year. Further details on the adjustments carried out can be found in note 16.

Page 10

FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


STOCKS

31 March
As restated
31 December
2024
2022
£
£

Raw materials and consumables
179,423
133,136

179,423
133,136


Raw materials and consumables as at 31 December 2022 has been restated from £238,404 due to not being recognised at the lower of cost and net realisable value.  Further details on the adjustments carried out can be found in note 16.


8.


DEBTORS

31 March
As restated
31 December
2024
2022
£
£



Trade debtors
532,188
1,088,101

Other debtors
127,359
60,452

Prepayments and accrued income
38,598
41,162

Deferred taxation
-
110,813

698,145
1,300,528


Trade Debtors as at 31 December 2022 has been restated from £1,271,031 due to a sale of £182,930 being cancelled after the prior year end. Please see note 16 for further details. 


9.


CASH AND CASH EQUIVALENTS

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
129,898
256,372

129,898
256,372


Page 11


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 March
As restated
31 December
2024
2022
£
£

Bank loans
-
420,456

Other loans
-
25,000

Trade creditors
411,385
166,981

Amounts owed to group undertakings
1,926,788
-

Other taxation and social security
25,330
22,256

Obligations under finance lease and hire purchase contracts
12,216
18,346

Other creditors
3,931
24,796

Accruals and deferred income
238,754
342,568

2,618,404
1,020,403


At the year end date, the company owed £1,926,788 (2022: £nil) to the controlling party. The loan is unsecured, repayable on demand, and beared interest at 6.53% in the year.
Accruals and deferred income as at 31 December 2022 has been restated from £25,723 due to a sale of £316,845 being recognised before the revenue recognition obligation had been satisfied. Please see note 16 for further details.


11.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31 March
31 December
2024
2022
£
£

Bank loans
-
1,551,202

Net obligations under finance leases and hire purchase contracts
15,732
30,841

Accruals and deferred income
4,468
33,602

20,200
1,615,645


Page 12


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


LOANS


Analysis of the maturity of loans is given below:


31 March
31 December
2024
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
-
420,456

Other loans
-
25,000


-
445,456

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
-
426,649


-
426,649

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
-
1,124,553


-
1,124,553


-
1,996,658


Page 13


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

31 March
31 December
2024
2022
£
£


Within one year
12,216
18,346

Between 1-5 years
15,839
30,841

28,055
49,187


14.


DEFERRED TAXATION






2024


£






At beginning of year (as restated)
110,813


Charged to profit or loss
(425,925)



AT END OF YEAR
(315,112)

The deferred taxation balance is made up as follows:

31 March
As restated
31 December
2024
2022
£
£


Accelerated capital allowances
(551,482)
21,091

Tax losses carried forward
236,370
89,722

(315,112)
110,813

Deferred taxation as at 31 December 2022 has been restated due to the change in accounting policy. This has led to the de-recognition of deferred tax on revaluation.  

15.


SHARE CAPITAL

31 March
31 December
2024
2022
£
£
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID



1,117,648 (2022:1,117,648) Ordinary Shares shares of £0.0001 each
112
112

Page 14


FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


PRIOR YEAR ADJUSTMENT

Change in accounting policy

During the year, the company changed its accounting policy for tangible fixed assets from the revaluation model to the cost model, to provide more accurate information and to align with the accounting policies of the new parent company. 

The change has been applied retrospectively in accordance with FRS 102. As a result, the revaluation surplus previously recognised has been removed from equity and the assets  are now carried at historical cost less accumulated depreciation and impairment. 

The effects of the changes are as follows:  
Plant and machinery cost as at 1 January 2022 reduced by £1,648,084 
Assets under construction cost as at 1 January 2022 increased by £122,843 
Revaluation reserve as at 1 January 2022 reduced by £1,063,508 
Other comprehensive income for revaluation reduced by £457,494
Depreciation expense in administrative expenses increased by £63,848
Depreciation charge in tangible fixed assets increased by £63,848

Furthermore, as a result of the change in policy, an amendment to the deferred taxation figure is required in the previous year to de-recognise the deferred tax values on revaluation. 

The effect of the adjustment is as follows:  
Deferred taxation and profit and loss account as at 1 January 2022 increased by £265,877
Deferred taxation movement during the year ended 31 December 2022 decreased by £114,374

Prior year adjustments

After the prior year end, several figures were identified that required adjusting. These relate to credit notes raised post year-end, delivery of assets being delayed and stock values being recognised incorrectly. 
The impact of these adjustments has reduced profit in 2022 from £825,584 to £380,567, a movement of £445,017.The figures that have changed materially are turnover reduced by £499,775, trade debtors reduced by £182,930, deferred income increased by £316,845 cost of sales increased by £105,268 and stocks decreased by £105,268. 

Comparative figures for the 15 months period ended 31 December 2024 have been restated accordingly for all adjustments noted above.


17.


COMMITMENTS UNDER OPERATING LEASES

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

31 March
31 December
2024
2022
£
£


Not later than 1 year
11,308
-

Later than 1 year and not later than 5 years
10,150
-

21,458
-

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FERITECH GLOBAL LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


RELATED PARTY TRANSACTIONS

During the period ending 31 March 2024, Feritech Global Ltd paid £33,333 (2022: £120,000) of management charges to Trelan Holdings Ltd, a company initially owned by two of the directors and shareholders Mr R A Ferris and Mrs G E Ferris, and subsequently owned and controlled by the parent company Addtech Nordic AB. They also paid rent charges of £182,000 (2022:£145,000). Included in other debtors is £35,852 due from Trelan Holdings Ltd. 

Amounts owed to group undertakings of £1,926,788 are owed to Addtech Nordic AB and are being charged interest at market rate. During the period, £105,588 of interest was charged and recognised in the statement of comprehensive income. Furthermore, fees of £60,062 were charged by Addtech AB during the financial year and these are recognised in the statement of comprehensive income.

During the period ending 31 March 2024, Feritech Global Ltd spent £175,000 with Carrick UK Engineering Limited, a company owned by two of the directors and shareholders Mr R A Ferris and Mrs G E Ferris. The amounts charged were at fair value. 

During the period ending 31 March 2024, fees of £165,545 were paid to Trelan Ltd, a company owned and controlled by Mr R A Ferris and Mrs G E Ferris. This relates to management fees. Included in creditors at the year end is £3,264 due to Trelan Ltd. 

Total salaries paid to directors in the financial year was £175,000. The directors are considered to be the same as key management personnel. 

19.


CONTROLLING PARTY

The ultimate and immediate parent undertaking is Addtech Nordic AB, a company incorporated in Sweden. It is also the smallest group to consolidate these financial statements. Copies of the Addtech Nordic AB can be obtained from Addtech Nordic AB, Box 5112, SE-102 43, Stockholm, Sweden.

20.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the period ended 31 March 2024 was qualified.

The qualification in the audit report was as follows:

We were not appointed as auditor of the company until after 31 March 2024 and thus did not observe the
counting of physical inventories at the end of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2024, which are included in the balance sheet at £179,423, by using other audit procedures. As the corresponding figures were unaudited, we were also unable to verify the inventory quantities held at 31 December 2022, which were included in the balance sheet at £133,136. 

Consequently, we were unable to determine whether any adjustment to these amounts was necessary.

The audit report also contains the following emphasis of matter: 
Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on
continued Group support and, whilst a letter of support has been received, no formal deed of undertaking has been issued to confirm the necessary support. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 19 May 2025 by Kevin Connor FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.
 
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