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Registered number: 03674534










TADLEY ENGINEERING LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TADLEY ENGINEERING LIMITED
REGISTERED NUMBER: 03674534

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,039
2,078

Tangible assets
 5 
1,387,734
1,414,249

  
1,388,773
1,416,327

Current assets
  

Stocks
 6 
106,701
173,318

Debtors: amounts falling due within one year
 7 
1,204,199
1,399,820

Cash at bank and in hand
 8 
325,701
349,991

  
1,636,601
1,923,129

Creditors: amounts falling due within one year
 9 
(487,321)
(813,641)

Net current assets
  
 
 
1,149,280
 
 
1,109,488

Total assets less current liabilities
  
2,538,053
2,525,815

Creditors: amounts falling due after more than one year
 10 
(29,077)
(50,776)

Provisions for liabilities
  

Deferred tax
  
(39,817)
(54,425)

  
 
 
(39,817)
 
 
(54,425)

Net assets
  
2,469,159
2,420,614


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
2,469,059
2,420,514

  
2,469,159
2,420,614

Page 1

 
TADLEY ENGINEERING LIMITED
REGISTERED NUMBER: 03674534

BALANCE SHEET (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: 


J W Griffin
Director

Date: 16 June 2025

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
TADLEY ENGINEERING LIMITED
 

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

1.


General information

Tadley Engineering Limited is a private company limited by shares. It is incorporated in England and Wales and its registered office is 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, England, RG19 6AB and the principal place of trading of the company is Tadley Engineering Limited, Silchester Road, Tadley, Hampshire, RG26 3PX.

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 Directors have considered the future financial performance on the ability of the company to continue trading for the foreseeable future. This review has included considering the impact of future cashflows on the financial performance of the business. Based on this review and taken together with existing financing facilities the directors believe that the financial statements have been prepared appropriately on the going concern basis.

 
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

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

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

Page 3

 
TADLEY ENGINEERING LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

 
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 Balance Sheet. 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 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.


Page 4

 
TADLEY ENGINEERING LIMITED
 

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

2.Accounting policies (continued)

 
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.

 The estimated useful lives range as follows:

Software
-
20% reducing balance

Page 5

 
TADLEY ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
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.

 
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

 
TADLEY ENGINEERING LIMITED
 

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

2.Accounting policies (continued)

 
2.15

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 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.

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 39 (2023 - 45).

Page 7

 
TADLEY ENGINEERING LIMITED
 

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

4.


Intangible assets




Software

£



Cost


At 1 April 2023
5,196



At 31 March 2024

5,196



Amortisation


At 1 April 2023
3,118


Charge for the year on owned assets
1,039



At 31 March 2024

4,157



Net book value



At 31 March 2024
1,039



At 31 March 2023
2,078



Page 8

 
TADLEY ENGINEERING LIMITED
 

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

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,470,654
2,239,615
237,645
222,957
4,170,871


Additions
-
33,946
-
56,166
90,112


Disposals
-
(183,551)
(79,045)
-
(262,596)



At 31 March 2024

1,470,654
2,090,010
158,600
279,123
3,998,387



Depreciation


At 1 April 2023
416,117
1,999,147
164,270
177,088
2,756,622


Charge for the year on owned assets
29,413
47,514
18,042
12,106
107,075


Disposals
-
(176,504)
(76,540)
-
(253,044)



At 31 March 2024

445,530
1,870,157
105,772
189,194
2,610,653



Net book value



At 31 March 2024
1,025,124
219,853
52,828
89,929
1,387,734



At 31 March 2023
1,054,537
240,468
73,375
45,869
1,414,249

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


2024
2023
£
£



Plant and machinery
16,031
47,119

16,031
47,119

Page 9

 
TADLEY ENGINEERING LIMITED
 

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

6.


Stocks

2024
2023
£
£

Raw materials
101,464
168,081

Work in progress
5,237
5,237

106,701
173,318



7.


Debtors

2024
2023
£
£


Trade debtors
1,080,170
1,287,195

Other debtors
103,108
24,133

Prepayments and accrued income
20,921
88,492

1,204,199
1,399,820



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
325,701
349,991

325,701
349,991


Page 10

 
TADLEY ENGINEERING LIMITED
 

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

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
25,806
53,316

Trade creditors
262,743
479,335

Corporation tax
61,379
7,767

Other taxation and social security
86,948
124,103

Obligations under finance lease and hire purchase contracts
15,377
19,888

Other creditors
5,717
19,135

Accruals and deferred income
29,351
110,097

487,321
813,641


National Westminster Bank Plc has a first legal charge over Unit 47 & 48 Easter Park, Aldermaston and its associated assets. 
HSBC Bank has a fixed charge over all properties, a first fixed charge over book, other debts and chattels and a first floating charge over all assets.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
25,806

Net obligations under finance leases and hire purchase contracts
15,411
19,873

Accruals and deferred income
13,666
5,097

29,077
50,776



11.


Deferred taxation




2024
2023


£

£






At beginning of year
(54,425)
(72,990)


Charged to profit or loss
14,608
18,565



At end of year
(39,817)
(54,425)

Page 11

 
TADLEY ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(41,246)
(56,179)

Short term timing differences
1,429
1,754

(39,817)
(54,425)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



13.


Related party transactions

The building that Tadley Engineering Limited occupies is owned by family member of M Morgan. There is no rental cost charged to Tadley Engineering Limited.  
At the year end, a director owed the Company £30,898 (2023: £6,617). The loan is non-interest bearing and repayable on demand. 


14.


Controlling party

The ultimate controlling party as at 29 March 2024 was M Morgan  by virtue of her shareholding. 


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 18 June 2025 by Jonathan Baillie BA(Hons) ACA FCCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 12