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Registered number: 01863851









LESTER CONTROL SYSTEMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
LESTER CONTROL SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
S Davidson 
J A Beresford (resigned 5 August 2021)
B M Johnson 
M J Turner 




Company secretary
M J Phillips



Registered number
01863851



Registered office
59 Imperial Way

Croydon

London

CR0 4RR






Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
LESTER CONTROL SYSTEMS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 30


 
LESTER CONTROL SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Introduction
 
The directors present their strategic report for the year ended 31 December 2021. 

Business review
 
Growth has remained steady throughout 2021 and levels have returned close to 2019. Confidence has returned and there has been signs of many big projects being undertaken by both the Private & Public sector.
Turnover increased to £9.64m (2020 - £8.24m) but operating margins have been squeezed to 10.5% (2020 - 13.8%) These reduced margins are set to stay as supply chains have been increasing prices with little or no notice. 
2022 has continued strongly but recent worries over the cost of living crisis will no doubt have some effect on our market.  We may not see signs of this until 2023.
Our industry remains robust but we still face many challenges in the months to come.

Principal risks and uncertainties
 
In managing the company the directors monitor the results against the budget and the previous year through monthly management reports and snapshots of the trading result following each period end. Risk management is an important issue to the company. The key risks to the business include:
Laws and regulation
No new legislation has affected our industry so far. We have all seen draft documentation for the “London Plan” which has had to be withdrawn as the consultancy time limit has now expired. There will be close reference to EN 81-76 (Evacuation for Lifts) as a new standard for lift evacuation. Both papers are very much still in “draft format. 
Economic uncertainties
We operate across a number of market sectors in the UK and are affected by national macro-economic conditions including the effects of Brexit as well as by the investment and spending cycles that exist in many industries. Our spread across differing market sectors helps us to mitigate our exposure to short and medium term economic uncertainties.

Financial key performance indicators
 
The company regularly reviews a number of financial and non-financial key performance indicators at both board and operational levels. The company carries out monthly detailed reviews of each operational and support function at which all aspects of each business and key performance indicators are reviewed.
                                   
                   2021               2020
Turnover (£'000's)                           9,643              8,242
Gross profit percentage                  33.8               32.1
Average number of employees         74                  72
Average turnover per employee      130                114 
 

Page 1

 
LESTER CONTROL SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Other key performance indicators
 
The company reviews non-financial KPIs on a regular basis in a number of areas:
Health and safety – the company aims to achieve year-on-year improvement in accident incidence rate and remain below the Health and Safety Executive benchmark for the UK. We have achieved a significant improvement in the year.
Customer experience – the company aspires to deliver a high level of customer satisfaction which is key to supporting sustainable long-term growth in the sector. Feedback received during the year demonstrated that most of our customers are fully or mostly satisfied with our services.
Employee welfare – the company strives to attract and retain highly motivated, high-performing teams. The group’s employee turnover is low. 


This report was approved by the board and signed on its behalf.



S Davidson
Director

Date: 12 September 2022

Page 2

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £827,307 (2020 - £995,361).

The dividends for the year amount to £1,422,474 (2020 - £1,225,000).

Directors

The directors who served during the year were:

S Davidson 
J A Beresford (resigned 5 August 2021)
B M Johnson 
M J Turner 

Future developments

Development is key and is constantly being worked on. Apart from the continual product enhancements and software improvements which are working hard on the next generation of Microprocessor. There is an emphasis on using Safety Critical Components which for compliance will require extreme and rigorous testing. Our Group Destination Control is entering it’s final stage of testing and development.

Page 3

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
S Davidson
Director

Date: 12 September 2022

Page 4

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of Lester Control Systems Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquiries of management about their own identification and assessment of the risk of irregularities;
• performed audit work over the risk of management override of controls, including testing of journal entries and  other adjustments for appropriateness and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alexander Chrysaphiades, FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants
Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

13 September 2022
Page 8

 
LESTER CONTROL SYSTEMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
9,643,227
8,242,054

Cost of sales
  
(6,379,959)
(5,596,747)

Gross profit
  
3,263,268
2,645,307

Administrative expenses
  
(2,477,916)
(1,670,471)

Other operating income
 5 
36,224
147,459

Fair value movements
  
93,043
24,453

Other operating charges
  
(7,569)
(4,220)

Operating profit
 6 
907,050
1,142,528

Income from fixed assets investments
  
2,232
4,721

Amounts written off investments
  
2,869
(5,689)

Interest receivable and similar income
 11 
219
1,884

Interest payable and similar expenses
 12 
(78)
-

Profit before tax
  
912,292
1,143,444

Tax on profit
 13 
(84,985)
(148,083)

Profit for the financial year
  
827,307
995,361

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 12 to 30 form part of these financial statements.

Page 9

 
LESTER CONTROL SYSTEMS LIMITED
REGISTERED NUMBER: 01863851

BALANCE SHEET
AS AT 31 DECEMBER 2021

As restated
2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 15 
29,175
38,649

Tangible assets
 16 
147,100
217,349

Investments
 17 
1,136,193
565,950

  
1,312,468
821,948

Current assets
  

Stocks
 18 
1,137,264
1,380,447

Debtors: amounts falling due within one year
 19 
1,240,930
2,023,737

Cash at bank and in hand
 20 
2,848,823
2,624,050

  
5,227,017
6,028,234

Creditors: amounts falling due within one year
 21 
(2,114,881)
(1,849,214)

Net current assets
  
 
 
3,112,136
 
 
4,179,020

Total assets less current liabilities
  
4,424,604
5,000,968

Provisions for liabilities
  

Deferred tax
 22 
(28,286)
(28,286)

Other provisions
 23 
(273,637)
(254,834)

  
 
 
(301,923)
 
 
(283,120)

Net assets
  
4,122,681
4,717,848


Capital and reserves
  

Called up share capital 
 24 
50,000
50,000

Profit and loss account
 25 
4,072,681
4,667,848

  
4,122,681
4,717,848


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S Davidson
Director
Date: 12 September 2022

The notes on pages 12 to 30 form part of these financial statements.

Page 10

 
LESTER CONTROL SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2020 (as previously stated)
50,000
4,403,309
4,453,309

Prior year adjustment (note 26)
-
494,178
494,178


At 1 January 2020 (as restated)
50,000
4,897,487
4,947,487


Comprehensive income for the year

Profit for the year
-
995,361
995,361

Dividends: Equity capital
-
(1,225,000)
(1,225,000)



At 1 January 2021 (as previously stated)
50,000
4,173,670
4,223,670

Prior year adjustment (note 26)
-
494,178
494,178


At 1 January 2021 (as restated)
50,000
4,667,848
4,717,848


Comprehensive income for the year

Profit for the year
-
827,307
827,307

Dividends: Equity capital
-
(1,422,474)
(1,422,474)


At 31 December 2021
50,000
4,072,681
4,122,681


The notes on pages 12 to 30 form part of these financial statements.

Page 11

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Lester Control Systems Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01863851 and registered office address is 59 Imperial Way, Croydon, England, CR0 4RR.
The principal activity of the company is that of manufacture and supply of lift control equipment.
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest £1.

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lester Control Systems (Holdings) Limited as at 31 December 2020 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

Having considered the cash forecasts for the 12 months following the balance sheet date, the directors have, at the time of approving the financial statements, a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

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 13

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

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.

 
2.7

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.

Page 14

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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.

 
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.

Page 15

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

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:

Plant and machinery
-
25%
on reducing balance
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
25%
on reducing balance
Office equipment
-
25%
on reducing balance
Computer equipment
-
25%
on 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.

 
2.14

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 16

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.20

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing
Page 17

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.20
Financial instruments (continued)

transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.21

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.

Page 18

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Director's are required to make judgments, estimates and assumption about the carrying values of assets and liabilities that are not readily apparent from other sources. 
The estimates and associated assumptions are based on historical experiences and other factors that are considered relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. 
The key assumptions and other key sources of uncertainty that have a significant effect of the amount recognised in the financial statements are described below: 
Warranty provisions
Provisions for damaged or faulty products are calculated and provided for based on historic trends, managements knowledge of products and technological improvements in components. The directors have concluded that the valuations of provisions are appropriate. 
Stock valuation
Stock is included at lower of cost and net realisable value. The directors have reviewed the stock obsolescence policy and are satisfied that stock is fairly valued at the year end. 
Recoverability of debtors
Judgments have been made on the recoverability of trade debtors and the valuation of provisions and the directors are satisfied that the debts are recoverable. 
Tangible and intangible fixed assets
Judgments have been made in relation to the lives of tangible and intangible assets. In particular, the valuation and the useful economic life and residual values of plant and machinery and motor vehicles. The directors have concluded that the asset values and residual values are appropriate. 
 

Page 19

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Turnover

2021
2020
£
£

Turnover
9,643,227
8,242,054

9,643,227
8,242,054


Analysis of turnover by country of destination:

2021
2020
£
£

United Kingdom
9,342,628
7,759,323

Rest of Europe
300,374
451,879

Rest of the world
225
30,852

9,643,227
8,242,054



5.


Other operating income

2021
2020
£
£

Government grants receivable
36,224
147,459

36,224
147,459



6.


Operating profit

The operating profit is stated after charging:

2021
2020
£
£

Exchange differences
4,174
138

Other operating lease rentals
244,015
183,954

Depreciation
55,990
69,230

Amortisation
9,474
12,633

Impairment
-
50,000

Government grants
(36,224)
(147,459)

Auditors' remuneration
30,298
15,000

Defined contributions pension
152,832
114,907

Page 20

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Auditors' remuneration

2021
2020
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
30,298
15,000




8.


Employees

Staff costs, including directors' remuneration, were as follows:


2021
2020
£
£

Wages and salaries
2,815,792
2,505,683

Social security costs
302,289
235,826

Cost of defined contribution scheme
152,832
114,907

3,270,913
2,856,416


The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Average number of employees
74
72


9.


Directors' remuneration

2021
2020
£
£

Directors' emoluments
595,713
453,483

Company contributions to defined contribution pension schemes
90,361
50,092

686,074
503,575


During the year retirement benefits were accruing to no directors (2020 - NIL) in respect of defined contribution pension schemes.

Page 21

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Income from investments

2021
2020
£
£



Income from current asset investments
(2,232)
(4,721)

(2,232)
(4,721)





11.


Interest receivable

2021
2020
£
£


Other interest receivable
219
1,884

219
1,884


12.


Interest payable and similar expenses

2021
2020
£
£


Other interest payable
78
-

78
-


13.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
84,985
148,083


Total current tax
84,985
148,083
Page 22

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2020 - lower than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
912,292
1,143,444


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
173,335
217,254

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,218
16,614

Capital allowances for year in excess of depreciation
7,458
6,612

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
312
700

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(104,914)
(91,543)

Book profit on chargeable assets
-
2,106

Dividends from UK companies
(424)
(3,660)

Total tax charge for the year
84,985
148,083


14.


Dividends

2021
2020
£
£


Dividends
1,422,474
1,225,000

1,422,474
1,225,000

Page 23

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Intangible assets




Computer software

£



Cost


At 1 January 2021
85,640



At 31 December 2021

85,640



Amortisation


At 1 January 2021
46,991


Charge for the year on owned assets
9,474



At 31 December 2021

56,465



Net book value



At 31 December 2021
29,175



At 31 December 2020
38,649



Page 24

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

16.


Tangible fixed assets





Plant and machinery
Office equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2021
248,458
19,165
133,246
400,869


Additions
-
6,848
-
6,848


Disposals
-
-
(80,845)
(80,845)



At 31 December 2021

248,458
26,013
52,401
326,872



Depreciation


At 1 January 2021
108,171
7,223
68,126
183,520


Charge for the year on owned assets
35,071
4,698
16,221
55,990


Disposals
-
-
(59,738)
(59,738)



At 31 December 2021

143,242
11,921
24,609
179,772



Net book value



At 31 December 2021
105,216
14,092
27,792
147,100



At 31 December 2020
140,287
11,942
65,120
217,349

Page 25

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

17.


Fixed asset investments





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2021
100,000
515,950
615,950


Additions
-
690,893
690,893


Disposals
-
(213,693)
(213,693)


Revaluations
-
93,043
93,043



At 31 December 2021

100,000
1,086,193
1,186,193



Impairment


At 1 January 2021
50,000
-
50,000



At 31 December 2021

50,000
-
50,000



Net book value



At 31 December 2021
50,000
1,086,193
1,136,193



At 31 December 2020
50,000
515,950
565,950


18.


Stocks

2021
2020
£
£

Raw materials and consumables
886,826
1,036,984

Work in progress (goods to be sold)
250,438
343,463

1,137,264
1,380,447


Page 26

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

19.


Debtors

As restated
2021
2020
£
£


Trade debtors
996,937
1,347,547

Amounts owed by group undertakings
50
-

Other debtors
95,773
583,857

Prepayments and accrued income
148,170
92,333

1,240,930
2,023,737


Details of the prior year adjustment are set out in note 26.


20.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
2,848,823
2,624,050

2,848,823
2,624,050



21.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
1,615,478
1,058,849

Amounts owed to group undertakings
2,321
2,321

Corporation tax
-
37,786

Other taxation and social security
293,574
480,374

Other creditors
200,708
11,547

Accruals and deferred income
2,800
258,337

2,114,881
1,849,214


Page 27

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

22.


Deferred taxation




2021
2020


£

£






At beginning of year
(28,286)
(28,286)



At end of year
(28,286)
(28,286)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(28,286)
(28,286)

(28,286)
(28,286)


23.


Provisions




Warranty provisions
Dilap-
idations
Total

£
£
£





At 1 January 2021
204,834
50,000
254,834


Charged to profit or loss
(91,197)
110,000
18,803



At 31 December 2021
113,637
160,000
273,637


24.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



50,000 (2020 - 50,000) Ordinary Share Capital shares of £1.00 each
50,000
50,000



25.


Reserves

Profit and loss account

Retained earnings records the company's accumulated profits and losses up to the balance sheet date. 

Page 28

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

26.


Prior year adjustment

In the year to 31 December 2016, amounts totalling £494,178 loaned to the Directors were incorrectly charged to the Profit and loss account. The prior year adjustment has resulted in a reversal of this charge through the Statement of changes in equity and an adjustment to directors loan account, in other debtors.
These loans were repaid during the current year.


27.


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 £152,832 (2020 - £117,818). Contributions totaling £11,446 (2020 - £7,918) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
151,500
195,742

Later than 1 year and not later than 5 years
606,000
630,639

Later than 5 years
757,500
100,516

1,515,000
926,897


29.


Transactions with directors

At the balance sheet date, £1,046 (2020 - £504,088, after prior year restatement, see note 26) was due from the directors in respect of advances provided. 


30.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group. 
At the balance sheet date, £175,162 (2020 - £nil) was due to the directors.

Page 29

 
LESTER CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

31.


Controlling party

The immediate parent company is Lester Control Systems (Holdings) Limited. The ultimate controlling party is Mr S Davidson, a director.
Lester Control Systems (Holdings) Limited is the parent company of the smallest and largest group for which consolidated accounts are prepared and of which Lester Control Systements Limited are included. The financial statements of Lester Control Systems (Holdings) Limited are publicly available and can be obtained from Companies House.

 
Page 30