Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-312025-05-15true2023-11-01trueelectrical and electronic engineersfalse4944The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02640665 2023-11-01 2024-10-31 02640665 2022-11-01 2023-10-31 02640665 2024-10-31 02640665 2023-10-31 02640665 2022-11-01 02640665 5 2023-11-01 2024-10-31 02640665 5 2022-11-01 2023-10-31 02640665 7 2023-11-01 2024-10-31 02640665 7 2022-11-01 2023-10-31 02640665 d:Director2 2023-11-01 2024-10-31 02640665 e:Buildings 2023-11-01 2024-10-31 02640665 e:Buildings 2024-10-31 02640665 e:Buildings 2023-10-31 02640665 e:Buildings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02640665 e:Buildings e:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 02640665 e:PlantMachinery 2023-11-01 2024-10-31 02640665 e:PlantMachinery 2024-10-31 02640665 e:PlantMachinery 2023-10-31 02640665 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02640665 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 02640665 e:MotorVehicles 2023-11-01 2024-10-31 02640665 e:MotorVehicles 2024-10-31 02640665 e:MotorVehicles 2023-10-31 02640665 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02640665 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 02640665 e:FurnitureFittings 2023-11-01 2024-10-31 02640665 e:FurnitureFittings 2024-10-31 02640665 e:FurnitureFittings 2023-10-31 02640665 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02640665 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 02640665 e:OfficeEquipment 2023-11-01 2024-10-31 02640665 e:OfficeEquipment 2024-10-31 02640665 e:OfficeEquipment 2023-10-31 02640665 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02640665 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 02640665 e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02640665 e:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 02640665 e:CurrentFinancialInstruments 2024-10-31 02640665 e:CurrentFinancialInstruments 2023-10-31 02640665 e:CurrentFinancialInstruments 1 2024-10-31 02640665 e:CurrentFinancialInstruments 1 2023-10-31 02640665 e:Non-currentFinancialInstruments 2024-10-31 02640665 e:Non-currentFinancialInstruments 2023-10-31 02640665 e:CurrentFinancialInstruments e:WithinOneYear 2024-10-31 02640665 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 02640665 e:Non-currentFinancialInstruments e:AfterOneYear 2024-10-31 02640665 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-10-31 02640665 e:ShareCapital 2024-10-31 02640665 e:ShareCapital 2023-10-31 02640665 e:RetainedEarningsAccumulatedLosses 2024-10-31 02640665 e:RetainedEarningsAccumulatedLosses 2023-10-31 02640665 d:FRS102 2023-11-01 2024-10-31 02640665 d:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 02640665 d:FullAccounts 2023-11-01 2024-10-31 02640665 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02640665 e:HirePurchaseContracts e:WithinOneYear 2024-10-31 02640665 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 02640665 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-10-31 02640665 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 02640665 e:AcceleratedTaxDepreciationDeferredTax 2024-10-31 02640665 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02640665 f:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Registered number: 02640665









SEE TECH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
SEE TECH LIMITED
REGISTERED NUMBER: 02640665

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
236,167
247,465

Current assets
  

Stock and work in progress
  
620,494
421,306

Debtors: amounts falling due within one year
 5 
5,022,485
4,537,725

Cash at bank and in hand
 6 
985,392
1,507,517

  
6,628,371
6,466,548

Creditors: amounts falling due within one year
 7 
(3,499,498)
(4,106,314)

Net current assets
  
 
 
3,128,873
 
 
2,360,234

Total assets less current liabilities
  
3,365,040
2,607,699

Creditors: amounts falling due after more than one year
 8 
(132,139)
(236,316)

Provisions for liabilities
  

Deferred tax
 11 
(39,447)
(43,394)

Net assets
  
3,193,454
2,327,989


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,193,354
2,327,889

  
3,193,454
2,327,989


Page 1

 
SEE TECH LIMITED
REGISTERED NUMBER: 02640665
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 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 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 on 15 May 2025.




L Marshall
Director


The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
SEE TECH LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,190,220
797,871

Adjustments for:

Depreciation of tangible assets
66,451
41,194

(Increase) in stocks
(199,188)
(119,148)

(Increase) in debtors
(466,338)
(391,341)

(Decrease)/increase in creditors
(478,174)
848,278

Corporation tax (paid)
(206,984)
(230,364)

Net cash generated from operating activities

(94,013)
946,490


Cash flows from investing activities

Purchase of tangible fixed assets
(56,698)
(179,662)

Interest received
2,131
588

HP interest paid
(6,918)
(2,046)

Net cash from investing activities

(61,485)
(181,120)

Cash flows from financing activities

Repayment of loans
(86,956)
(86,956)

Repayment of/new finance leases
(18,669)
94,347

Movements on invoice discounting
(251,298)
213,845

Interest paid
(9,704)
(23,805)

Net cash used in financing activities
(366,627)
197,431

Net (decrease)/increase in cash and cash equivalents
(522,125)
962,801

Cash and cash equivalents at beginning of year
1,507,517
544,716

Cash and cash equivalents at the end of year
985,392
1,507,517


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
985,392
1,507,517


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

See Tech Limited is a private limited company incorporated and domiciled in England.  Its registered office is situated at Cromwell House, 68 West Gate, Mansfield, Nottinghamshire NG18 1RR.  Its principal place of business is Unit 1 Stonebroom Industrial Estate, Stonebroom, Alfreton, Derbyshire DE55 6LQ.
The principal activity of the company is that of electrical and electronic engineers.

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

On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Thus they continue to adopt the going concern basis of preparation of the financial statements.

 
2.3

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.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 4

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.


 
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

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

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 or reducing balance method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33% straight line

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.

 
2.9

Stock and work in progress

Stock and work in progress 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 balance sheet 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.

 
2.10

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 balance sheet 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.

Page 6

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 49 (2023 - 44).

Page 7

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Leasehold property improve- ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2023
45,974
113,313
151,575
50,375
112,923
474,160


Additions
15,013
1,758
14,056
13,405
12,466
56,698



At 31 October 2024

60,987
115,071
165,631
63,780
125,389
530,858



Depreciation


At 1 November 2023
21,122
53,119
31,650
30,977
89,827
226,695


Charge for the year on owned assets
5,605
9,117
2,421
3,918
17,030
38,091


Charge for the year on financed assets
-
-
29,905
-
-
29,905



At 31 October 2024

26,727
62,236
63,976
34,895
106,857
294,691



Net book value



At 31 October 2024
34,260
52,835
101,655
28,885
18,532
236,167



At 31 October 2023
24,852
60,194
119,925
19,398
23,096
247,465

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:




Page 8

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Debtors

2024
2023
£
£


Factored debts
3,249,077
2,929,807

Amounts owed by group undertakings
553,746
553,746

Other debtors
1,017,832
944,827

Prepayments and accrued income
201,830
109,345

5,022,485
4,537,725






Included within other debtors due within one year are loans totalling £762,115 (2023: £707,532) to directors of the company.  These loans are interest free with no fixed repayment terms.


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
985,392
1,507,517



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
86,956
86,956

Trade creditors
2,144,205
2,518,811

Other taxation and social security
436,779
345,873

Obligations under finance lease and hire purchase contracts
18,669
20,117

Proceeds of factored debts
629,278
880,576

Other creditors
9,127
7,558

Accruals and deferred income
174,484
246,423

3,499,498
4,106,314


Obligations under finance leases and hire purchase contracts are secured on the related assets.
Proceeds of factored debts are secured on the sales ledger balances.  
The bank loan is a CBILS facility, secured by fixed and floating charges over the remaining assets of the company.

Page 9

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
65,218
152,174

Net obligations under finance leases and hire purchase contracts
66,921
84,142

132,139
236,316



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
86,956
86,956

Amounts falling due 1-2 years

Bank loans
65,218
86,956

Amounts falling due 2-5 years

Bank loans
-
65,218


152,174
239,130


This loan is a CBILS facility.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
18,669
20,117

Between 1-5 years
66,921
84,142

85,590
104,259

Page 10

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Deferred taxation




2024


£






At beginning of year
(43,394)


Charged to profit or loss
3,947



At end of year
(39,447)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
39,447
43,394


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 an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £37,789 (2023 - £31,834). Contributions totalling £9,127 (2023 - £7,558) were payable to the fund at the balance sheet date


13.


Controlling party

The company is a wholly owned subsidiary of Jarral Holdings Limited, a private limited company incorporated and domiciled in England. 
J E Hewes holds the controlling interest in Jarral Holdings Limited and is therefore the ultimate controlling party of See Tech Limited.

 
Page 11