Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-312024-04-0153falseNo description of principal activity60truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06038182 2024-04-01 2025-03-31 06038182 2023-04-01 2024-03-31 06038182 2025-03-31 06038182 2024-03-31 06038182 c:Director2 2024-04-01 2025-03-31 06038182 d:Buildings d:LongLeaseholdAssets 2024-04-01 2025-03-31 06038182 d:Buildings d:LongLeaseholdAssets 2025-03-31 06038182 d:Buildings d:LongLeaseholdAssets 2024-03-31 06038182 d:PlantMachinery 2024-04-01 2025-03-31 06038182 d:PlantMachinery 2025-03-31 06038182 d:PlantMachinery 2024-03-31 06038182 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06038182 d:MotorVehicles 2024-04-01 2025-03-31 06038182 d:MotorVehicles 2025-03-31 06038182 d:MotorVehicles 2024-03-31 06038182 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06038182 d:FurnitureFittings 2024-04-01 2025-03-31 06038182 d:FurnitureFittings 2025-03-31 06038182 d:FurnitureFittings 2024-03-31 06038182 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06038182 d:ComputerEquipment 2024-04-01 2025-03-31 06038182 d:ComputerEquipment 2025-03-31 06038182 d:ComputerEquipment 2024-03-31 06038182 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06038182 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06038182 d:CurrentFinancialInstruments 2025-03-31 06038182 d:CurrentFinancialInstruments 2024-03-31 06038182 d:Non-currentFinancialInstruments 2025-03-31 06038182 d:Non-currentFinancialInstruments 2024-03-31 06038182 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 06038182 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06038182 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-31 06038182 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06038182 d:ShareCapital 2025-03-31 06038182 d:ShareCapital 2024-03-31 06038182 d:SharePremium 2025-03-31 06038182 d:SharePremium 2024-03-31 06038182 d:CapitalRedemptionReserve 2024-04-01 2025-03-31 06038182 d:CapitalRedemptionReserve 2025-03-31 06038182 d:CapitalRedemptionReserve 2024-03-31 06038182 d:RetainedEarningsAccumulatedLosses 2025-03-31 06038182 d:RetainedEarningsAccumulatedLosses 2024-03-31 06038182 d:AcceleratedTaxDepreciationDeferredTax 2025-03-31 06038182 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06038182 d:OtherDeferredTax 2025-03-31 06038182 d:OtherDeferredTax 2024-03-31 06038182 c:OrdinaryShareClass1 2024-04-01 2025-03-31 06038182 c:OrdinaryShareClass1 2025-03-31 06038182 c:OrdinaryShareClass1 2024-03-31 06038182 c:OrdinaryShareClass2 2024-04-01 2025-03-31 06038182 c:OrdinaryShareClass2 2025-03-31 06038182 c:OrdinaryShareClass2 2024-03-31 06038182 c:OrdinaryShareClass3 2024-04-01 2025-03-31 06038182 c:OrdinaryShareClass3 2025-03-31 06038182 c:OrdinaryShareClass3 2024-03-31 06038182 c:OrdinaryShareClass4 2024-04-01 2025-03-31 06038182 c:OrdinaryShareClass4 2025-03-31 06038182 c:OrdinaryShareClass4 2024-03-31 06038182 c:OrdinaryShareClass5 2024-04-01 2025-03-31 06038182 c:OrdinaryShareClass5 2025-03-31 06038182 c:FRS102 2024-04-01 2025-03-31 06038182 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 06038182 c:FullAccounts 2024-04-01 2025-03-31 06038182 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 06038182 d:HirePurchaseContracts d:WithinOneYear 2025-03-31 06038182 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 06038182 d:HirePurchaseContracts d:BetweenOneFiveYears 2025-03-31 06038182 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 06038182 6 2024-04-01 2025-03-31 06038182 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06038182










PHOTON ENERGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

 
PHOTON ENERGY LIMITED
REGISTERED NUMBER: 06038182

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
359,843
157,317

Investments
 5 
100
200

  
359,943
157,517

Current assets
  

Stocks
  
2,518,432
1,664,925

Debtors: amounts falling due within one year
 6 
938,907
1,339,614

Cash at bank and in hand
 7 
326,259
350,855

  
3,783,598
3,355,394

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,565,810)
(1,635,959)

Total assets less current liabilities
  
 
 
2,577,731
 
 
1,876,952

Creditors: amounts falling due after more than one year
 9 
(124,043)
(34,256)

Provisions for liabilities
  

Deferred tax
 11 
(64,891)
(27,225)

  
 
 
(64,891)
 
 
(27,225)

Net assets
  
2,388,797
1,815,471


Capital and reserves
  

Called up share capital 
 12 
30,590
37,760

Share premium account
 12 
12,695
4,380

Capital redemption reserve
 13 
14,240
5,920

Profit and loss account
 13 
2,331,272
1,767,411

  
2,388,797
1,815,471


Page 1

 
PHOTON ENERGY LIMITED
REGISTERED NUMBER: 06038182

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

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 by: 




................................................
J R Bates
Director

Date: 10 June 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Photon Energy Limited, a company limited by shares, is incorporated and domiciled in the UK, and has its registered office and principal place of business at 5 Windsor Square, Silver Street, Reading, Berkshire, RG1 2TH.

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

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
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.

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.

 
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.

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.

 
2.5

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.

Page 4

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

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

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.

 
2.9

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

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
straight line over the term of the lease
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
25%
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.

For the year ended 31 March 2025 there was a change in depreciation rate for leasehold improvements from 10% reducing balance to straight line over the term of the lease to better reflect the residual value of the asset. The adjustment has been applied prospectively.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 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.

 
2.12

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.

 
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.

Page 6

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and laibilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 60 (2024 - 53).

Page 7
 


 
PHOTON ENERGY LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


4.


Tangible fixed assets






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Leasehold improvements
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2024
21,830
183,617
18,970
76,297
31,274
331,988


Additions
18,000
197,467
613
20,093
54,637
290,810


Disposals
(18,000)
(11,848)
(4,374)
(17,949)
(30,247)
(82,418)



At 31 March 2025

21,830
369,236
15,209
78,441
55,664
540,380



Depreciation


At 1 April 2024
20,914
76,510
13,756
53,473
10,018
174,671


Charge for the year on owned assets
2,195
50,229
1,055
9,287
3,300
66,066


Disposals
(17,304)
(11,433)
(3,850)
(16,771)
(10,842)
(60,200)



At 31 March 2025

5,805
115,306
10,961
45,989
2,476
180,537



Net book value



At 31 March 2025
16,025
253,930
4,248
32,452
53,188
359,843



At 31 March 2024
916
107,107
5,214
22,824
21,256
157,317

Page 8
 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2024
200


Disposals
(100)



At 31 March 2025
100






Net book value



At 31 March 2025
100



At 31 March 2024
200


6.


Debtors

2025
2024
£
£


Trade debtors
568,211
996,243

Other debtors
178,979
135,204

Prepayments and accrued income
191,717
208,167

938,907
1,339,614



7.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
326,259
350,855


Page 9

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank loans
-
37,464

Trade creditors
976,330
1,024,323

Amounts owed to group undertakings
100
200

Corporation tax
272,453
311,097

Other taxation and social security
41,508
39,080

Obligations under finance lease and hire purchase contracts
56,850
28,572

Other creditors
56,651
26,187

Accruals and deferred income
161,918
169,036

1,565,810
1,635,959



9.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Net obligations under finance leases and hire purchase contracts
124,043
34,256



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
56,850
28,572

Between 1-5 years
124,043
34,256

180,893
62,828

The hire purchase contracts are secured against the specific assets they relate to.

Page 10

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Deferred taxation




2025


£






At beginning of year
(27,225)


Charged to profit or loss
(37,666)



At end of year
(64,891)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(69,132)
(29,685)

Short term timing difference
4,241
2,460

(64,891)
(27,225)


12.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



15,360 (2024 - 23,040) Ordinary A shares of £1.00 each
15,360
23,040
8,640 (2024 - 9,280) Ordinary B shares of £1.00 each
8,640
9,280
1,150 (2024 - 3,680) Ordinary C shares of £1.00 each
1,150
3,680
1,760 (2024 - 1,760) Ordinary D shares of £1.00 each
1,760
1,760
3,680 (2024 - Nil) Ordinary E shares of £1.00 each
3,680
-

30,590

37,760

During the year, the following changes to share capital took place:
1,150 (2024: 3,680) Ordinary C shares with a nominal value of £1 each were issued for a total consideration of £9,465 (2024: £8,060). The excess paid over nominal value of £8,315 (2024: £4,380) is included in share premium.
3,680 (2024: nil) Ordinary C shares were redesignated as 3,680 (2024: nil) Ordinary E shares.
7,680 (2024: nil) Ordinary A shares and 640 (2024: nil) Ordinary B shares were purchased for £149,760 and subsequently cancelled.


Page 11

 
PHOTON ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Reserves

Capital redemption reserve

During the year the company purchased 7,680 (2024: nil) Ordinary A shares and 640 (2024: nil) Ordinary B shares for cancellation, which have been transferred to the capital redemption reserve. 


14.


Pension commitments

The company operates a defined contribution 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, plus an additional administration fee and amounted to £138,324 (2024: £115,709). Contributions totalling £36,949 (2024: £20,521) were payable to the fund at the balance sheet date and are included in other creditors.


15.Transactions with directors

J R Bates:
The balance included in creditors at the year-end due to the director was £223 (2024: £17,563 included in debtors). The loan is interest free and repayable on demand.
M H Holmes:
The balance included in creditors at the year-end due to the director was £1,389 (2023: £16,396 included in debtors). The loan is interest free and repayable on demand.
J Palfreyman:
The balance included in debtors at the year-end due from the director was £4,115 (2024: £nil). The loan is interest free and repayable on demand.


Page 12