Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseNo description of principal activity2325truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05024854 2024-01-01 2024-12-31 05024854 2023-01-01 2023-12-31 05024854 2024-12-31 05024854 2023-12-31 05024854 c:Director4 2024-01-01 2024-12-31 05024854 d:Buildings 2024-01-01 2024-12-31 05024854 d:Buildings 2024-12-31 05024854 d:Buildings 2023-12-31 05024854 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05024854 d:LandBuildings 2024-12-31 05024854 d:LandBuildings 2023-12-31 05024854 d:PlantMachinery 2024-01-01 2024-12-31 05024854 d:PlantMachinery 2024-12-31 05024854 d:PlantMachinery 2023-12-31 05024854 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05024854 d:MotorVehicles 2024-01-01 2024-12-31 05024854 d:MotorVehicles 2024-12-31 05024854 d:MotorVehicles 2023-12-31 05024854 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05024854 d:FurnitureFittings 2024-01-01 2024-12-31 05024854 d:FurnitureFittings 2024-12-31 05024854 d:FurnitureFittings 2023-12-31 05024854 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05024854 d:ComputerEquipment 2024-01-01 2024-12-31 05024854 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05024854 d:CurrentFinancialInstruments 2024-12-31 05024854 d:CurrentFinancialInstruments 2023-12-31 05024854 d:Non-currentFinancialInstruments 2024-12-31 05024854 d:Non-currentFinancialInstruments 2023-12-31 05024854 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05024854 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05024854 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 05024854 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05024854 d:ShareCapital 2024-12-31 05024854 d:ShareCapital 2023-12-31 05024854 d:SharePremium 2024-12-31 05024854 d:SharePremium 2023-12-31 05024854 d:RetainedEarningsAccumulatedLosses 2024-12-31 05024854 d:RetainedEarningsAccumulatedLosses 2023-12-31 05024854 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 05024854 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 05024854 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 05024854 c:OrdinaryShareClass1 2024-01-01 2024-12-31 05024854 c:OrdinaryShareClass1 2024-12-31 05024854 c:OrdinaryShareClass1 2023-12-31 05024854 c:OrdinaryShareClass2 2024-01-01 2024-12-31 05024854 c:OrdinaryShareClass2 2024-12-31 05024854 c:OrdinaryShareClass2 2023-12-31 05024854 c:FRS102 2024-01-01 2024-12-31 05024854 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 05024854 c:FullAccounts 2024-01-01 2024-12-31 05024854 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05024854 d:WithinOneYear 2024-12-31 05024854 d:WithinOneYear 2023-12-31 05024854 d:BetweenOneFiveYears 2024-12-31 05024854 d:BetweenOneFiveYears 2023-12-31 05024854 2 2024-01-01 2024-12-31 05024854 4 2024-01-01 2024-12-31 05024854 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05024854 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05024854 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05024854










MECHTRONIC LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MECHTRONIC LIMITED
REGISTERED NUMBER: 05024854

BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
458,033
408,197

  
458,033
408,197

Current assets
  

Stocks
 5 
856,069
854,322

Debtors
 6 
2,052,908
1,861,650

Cash at bank and in hand
 7 
670,722
584,384

  
3,579,699
3,300,356

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(2,235,195)
(2,021,731)

Net current assets
  
 
 
1,344,504
 
 
1,278,625

Total assets less current liabilities
  
1,802,537
1,686,822

Creditors: amounts falling due after more than one year
 9 
(10,330)
(18,193)

Provisions for liabilities
  

Deferred tax
 10 
(21,509)
(7,626)

Other provisions
 11 
(92,496)
(82,827)

  
 
 
(114,005)
 
 
(90,453)

Net assets
  
1,678,202
1,578,176


Capital and reserves
  

Called up share capital 
 12 
16,223
16,223

Share premium account
  
49,445
49,445

Profit and loss account
  
1,612,534
1,512,508

  
1,678,202
1,578,176


Page 1

 
MECHTRONIC LIMITED
REGISTERED NUMBER: 05024854

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 by: 



B J Wilkie
Director

Date: 20 June 2025

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

Page 2

 
MECHTRONIC LIMITED
 

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

1.


General information

Mechtronic Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is 15 Lower Wortley Road, Wortley, Leeds, LS12 4RY. The principal activity of the Company in the year under review was that of the design, sale and servicing of fluid control systems for the oil industry.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are rounded to the nearest pound Sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors anticipate the Company trading strongly during the period forecasted by management which covers a period of 12 months from approval of the financial statements. These forecasts and projections prepared by the Directors consider assumptions relating to the Company’s financial performance, current financial position and existing financial resources. The Directors consider these forecasts to be achievable.
Based on the above, the Directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.

 
2.3

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.

Page 3

 
MECHTRONIC LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

Contingent consideration 
The Company is entitled to recieve consideration from the sale of IP, contingent on the value of sales in the four years following the sale of IP. 

  
2.5

Other income

Other income related to consideration received from the sale of intellectual property.

 
2.6

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.

Page 4

 
MECHTRONIC LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Government grants

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

 
2.9

Interest income and expense

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

 
2.10

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
MECHTRONIC LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Page 6

 
MECHTRONIC LIMITED
 

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

2.Accounting policies (continued)


2.13
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 method.

Depreciation is provided on the following basis:

Freehold property
-
50 year straight line
Plant and machinery
-
20% straight line
Fixtures, fittings and equipment
-
20% or 33% straight line
Motor vehicles
-
25% 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.

 
2.14

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 weighted average 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.

 
2.15

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.

 
2.16

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.

 
2.17

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 7

 
MECHTRONIC LIMITED
 

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

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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 23 (2023 - 25).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 January 2024
357,600
213,005
53,514
189,409
813,528


Additions
10,742
-
52,025
9,803
72,570



At 31 December 2024

368,342
213,005
105,539
199,212
886,098



Depreciation


At 1 January 2024
-
211,803
25,125
168,403
405,331


Charge for the year on owned assets
-
698
12,735
9,301
22,734



At 31 December 2024

-
212,501
37,860
177,704
428,065



Net book value



At 31 December 2024
368,342
504
67,679
21,508
458,033



At 31 December 2023
357,600
1,202
28,389
21,006
408,197

Page 8

 
MECHTRONIC LIMITED
 

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

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
368,342
357,600

368,342
357,600


Included in motor vehicles is an asset under hire purchase. The net book value of the asset at the year end is £18,895 (2023: £26,714).


5.


Stocks

2024
2023
£
£

Work in progress
1,001
-

Finished goods and goods for resale
855,068
854,322

856,069
854,322



6.


Debtors

2024
2023
£
£

Due within one year

Trade debtors
1,416,701
1,437,997

Other debtors
447,085
286,067

Prepayments and accrued income
175,642
124,106

Tax recoverable
13,480
13,480

2,052,908
1,861,650



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
670,722
584,384


Page 9

 
MECHTRONIC LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
818,322
940,350

Amounts owed to group undertakings
949
949

Corporation tax
302,791
118,097

Other taxation and social security
238,385
342,279

Obligations under finance lease and hire purchase contracts
7,747
7,796

Other creditors
330,121
153,069

Accruals and deferred income
536,880
459,191

2,235,195
2,021,731


The amount owed to group undertakings is unsecured and non-interest bearing.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
10,330
18,193

10,330
18,193


Page 10

 
MECHTRONIC LIMITED
 

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

10.


Deferred taxation




2024


£






At beginning of year
(7,626)


Charged to profit or loss
(13,883)



At end of year
(21,509)

The deferred tax (liability)/asset is made up as follows:

As restated
2024
2023
£
£


Accelerated capital allowances
(21,509)
(7,626)

(21,509)
(7,626)


11.


Provisions




Warranty provision

£





At 1 January 2024
82,827


Charged to profit or loss
9,669



At 31 December 2024
92,496

The Company gives warranties on all systems sold and undertakes to make good by repair or replacement any manufacturing faults that become apparent within two years from the date of the sale. A provision has therefore been made for the estimated cost of the outstanding warranty work to be carried out in future periods.

Page 11

 
MECHTRONIC LIMITED
 

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

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,112 (2023 - 11,112) Ordinary shares of £1.00 each
11,112
11,112
5,111 (2023 - 5,111) L Ordinary shares of £1.00 each
5,111
5,111

16,223

16,223



13.


Prior year adjustment

The accounts include a prior year restatement relating to the year ended 31 December 2022 and the year ended 31 December 2023. The nature of this adjustment relates to overstated deferred tax liability for both periods. The deferred tax liability was overstated by £88,733 which is split as £86,165 for the year ended 31 December 2022 and £2,568 for the year ended 31 December 2023.


14.


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 £36,755 (2023: £33,592). Contributions totalling £7,684 (2023: £7,619) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
117,895
99,498

Later than 1 year and not later than 5 years
212,968
-

330,863
99,498


16.


Controlling party

The Directors regard Elma Holdings Limited as the ultimate controlling party.

Page 12