Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false152023-07-01falseadvanced scientific instrumentation for nanotechnology research and development15trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04492798 2023-07-01 2024-06-30 04492798 2022-07-01 2023-06-30 04492798 2024-06-30 04492798 2023-06-30 04492798 c:Director1 2023-07-01 2024-06-30 04492798 d:Buildings 2023-07-01 2024-06-30 04492798 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 04492798 d:Buildings d:LongLeaseholdAssets 2024-06-30 04492798 d:Buildings d:LongLeaseholdAssets 2023-06-30 04492798 d:PlantMachinery 2023-07-01 2024-06-30 04492798 d:PlantMachinery 2024-06-30 04492798 d:PlantMachinery 2023-06-30 04492798 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04492798 d:MotorVehicles 2023-07-01 2024-06-30 04492798 d:MotorVehicles 2024-06-30 04492798 d:MotorVehicles 2023-06-30 04492798 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04492798 d:FurnitureFittings 2023-07-01 2024-06-30 04492798 d:FurnitureFittings 2024-06-30 04492798 d:FurnitureFittings 2023-06-30 04492798 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04492798 d:ComputerEquipment 2023-07-01 2024-06-30 04492798 d:ComputerEquipment 2024-06-30 04492798 d:ComputerEquipment 2023-06-30 04492798 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04492798 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04492798 d:ComputerSoftware 2024-06-30 04492798 d:ComputerSoftware 2023-06-30 04492798 d:CurrentFinancialInstruments 2024-06-30 04492798 d:CurrentFinancialInstruments 2023-06-30 04492798 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 04492798 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04492798 d:ShareCapital 2024-06-30 04492798 d:ShareCapital 2023-06-30 04492798 d:RetainedEarningsAccumulatedLosses 2024-06-30 04492798 d:RetainedEarningsAccumulatedLosses 2023-06-30 04492798 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 04492798 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04492798 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 04492798 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 04492798 d:RetirementBenefitObligationsDeferredTax 2024-06-30 04492798 d:RetirementBenefitObligationsDeferredTax 2023-06-30 04492798 c:FRS102 2023-07-01 2024-06-30 04492798 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 04492798 c:FullAccounts 2023-07-01 2024-06-30 04492798 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04492798 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 04492798 2 2023-07-01 2024-06-30 04492798 6 2023-07-01 2024-06-30 04492798 d:ComputerSoftware d:OwnedIntangibleAssets 2023-07-01 2024-06-30 04492798 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 04492798









DURHAM MAGNETO OPTICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
DURHAM MAGNETO OPTICS LIMITED
REGISTERED NUMBER: 04492798

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
62,687
45,378

Tangible assets
 5 
233,022
230,111

Investments
 6 
105,854
153,819

  
401,563
429,308

CURRENT ASSETS
  

Stocks
  
607,639
150,000

Debtors: amounts falling due within one year
 7 
1,902,567
1,486,103

Cash at bank and in hand
  
3,192,690
2,728,240

  
5,702,896
4,364,343

Creditors: amounts falling due within one year
 8 
(471,927)
(442,663)

NET CURRENT ASSETS
  
 
 
5,230,969
 
 
3,921,680

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,632,532
4,350,988

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
-
(31,116)

  
 
 
-
 
 
(31,116)

NET ASSETS
  
5,632,532
4,319,872


CAPITAL AND RESERVES
  

Called up share capital 
  
118
118

Profit and loss account
  
5,632,414
4,319,754

  
5,632,532
4,319,872


Page 1

 
DURHAM MAGNETO OPTICS LIMITED
REGISTERED NUMBER: 04492798
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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: 




I Harris
Director

Date: 27 June 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Durham Magneto Optics Limited is a Company limited by shares and incorporated in England and Wales. IIts registered office address is Building 7 Old Farm Business Centre Church Road, Toft, Cambridge, England, CB23 2RF.

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

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

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.

 
2.5

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.

Page 4

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

INTEREST INCOME

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

 
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.


 
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

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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:

Freehold property
-
no depreciation
Long-term leasehold property
-
10 years
Plant and machinery
-
7 years
Motor vehicles
-
5 years
Fixtures and fittings
-
7 years
Computer equipment
-
3 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.

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

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.

 
2.16

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 15 (2023 - 15).


4.


INTANGIBLE ASSETS




Computer software

£



COST


At 1 July 2023
46,445


Additions
34,043



At 30 June 2024

80,488



AMORTISATION


At 1 July 2023
1,067


Charge for the year on owned assets
16,734



At 30 June 2024

17,801



NET BOOK VALUE



At 30 June 2024
62,687



At 30 June 2023
45,378



Page 7
 


 
DURHAM MAGNETO OPTICS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


5.


TANGIBLE FIXED ASSETS






Property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 July 2023
145,848
98,535
81,321
47,999
31,851
405,554


Additions
-
1,346
-
58,791
6,338
66,475



At 30 June 2024

145,848
99,881
81,321
106,790
38,189
472,029



DEPRECIATION


At 1 July 2023
60,982
60,116
13,222
21,008
20,115
175,443


Charge for the year on owned assets
13,480
20,631
15,121
10,725
3,607
63,564



At 30 June 2024

74,462
80,747
28,343
31,733
23,722
239,007



NET BOOK VALUE



At 30 June 2024
71,386
19,134
52,978
75,057
14,467
233,022



At 30 June 2023
84,866
38,419
68,099
26,991
11,736
230,111

Page 8
 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST OR VALUATION


At 1 July 2023
153,819


Additions
2,035


Disposals
(50,000)



At 30 June 2024
105,854




Page 9

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


DEBTORS

2024
2023
£
£


Trade debtors
481,420
144,537

Amounts owed by group undertakings
589,529
-

Other debtors
417,889
455,478

Prepayments and accrued income
61,879
886,088

Deferred taxation
351,850
-

1,902,567
1,486,103



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
306,401
198,170

Amounts owed to group undertakings
18,620
-

Other creditors
132,940
209,613

Accruals and deferred income
13,966
34,880

471,927
442,663



9.


DEFERRED TAXATION




2024


£






At beginning of year
(31,116)


Charged to profit or loss
382,966



AT END OF YEAR
351,850

Page 10

 
DURHAM MAGNETO OPTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
9.DEFERRED TAXATION (CONTINUED)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(57,400)
(31,116)

Tax losses carried forward
407,740
-

Pension surplus
1,510
-

351,850
(31,116)

 
Page 11