Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31No description of principal activityfalse142022-06-0124falsetrue 10764141 2022-06-01 2023-05-31 10764141 2021-06-01 2022-05-31 10764141 2023-05-31 10764141 2022-05-31 10764141 c:Director1 2022-06-01 2023-05-31 10764141 d:MotorVehicles 2022-06-01 2023-05-31 10764141 d:OfficeEquipment 2022-06-01 2023-05-31 10764141 d:OfficeEquipment 2023-05-31 10764141 d:OfficeEquipment 2022-05-31 10764141 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10764141 d:ComputerEquipment 2022-06-01 2023-05-31 10764141 d:ComputerEquipment 2023-05-31 10764141 d:ComputerEquipment 2022-05-31 10764141 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10764141 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10764141 d:ComputerSoftware 2023-05-31 10764141 d:ComputerSoftware 2022-05-31 10764141 d:CurrentFinancialInstruments 2023-05-31 10764141 d:CurrentFinancialInstruments 2022-05-31 10764141 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10764141 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10764141 d:ShareCapital 2023-05-31 10764141 d:ShareCapital 2022-05-31 10764141 d:RetainedEarningsAccumulatedLosses 2023-05-31 10764141 d:RetainedEarningsAccumulatedLosses 2022-05-31 10764141 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 10764141 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 10764141 c:FRS102 2022-06-01 2023-05-31 10764141 c:Audited 2022-06-01 2023-05-31 10764141 c:FullAccounts 2022-06-01 2023-05-31 10764141 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10764141 d:WithinOneYear 2023-05-31 10764141 d:WithinOneYear 2022-05-31 10764141 d:BetweenOneFiveYears 2023-05-31 10764141 d:BetweenOneFiveYears 2022-05-31 10764141 c:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10764141 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-06-01 2023-05-31 10764141 2 2022-06-01 2023-05-31 10764141 d:ComputerSoftware d:OwnedIntangibleAssets 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 10764141










R AND D SPECIALISTS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
R AND D SPECIALISTS LIMITED
REGISTERED NUMBER: 10764141

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
14,352
13,305

Tangible assets
 5 
68,832
33,031

  
83,184
46,336

Current assets
  

Debtors: amounts falling due within one year
 6 
3,298,443
2,083,108

Cash at bank and in hand
 7 
503,119
908,214

  
3,801,562
2,991,322

Creditors: amounts falling due within one year
 8 
(518,138)
(454,820)

Net current assets
  
 
 
3,283,424
 
 
2,536,502

Total assets less current liabilities
  
3,366,608
2,582,838

Provisions for liabilities
  

Deferred tax
  
(5,314)
(7,811)

  
 
 
(5,314)
 
 
(7,811)

Net assets
  
3,361,294
2,575,027


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
3,360,294
2,574,027

  
3,361,294
2,575,027


Page 1

 
R AND D SPECIALISTS LIMITED
REGISTERED NUMBER: 10764141
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

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 income and retained earnings 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 on 31 October 2023.






M. J. M. Joyner
Director

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

Page 2

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

R and D Specialists Limited is a private limited company, limited by shares, registered in England and Wales.  The registered office is Suite 10 Kings Court, Railway Street, Altrincham, WA14 2RD.  The company number is 10764141.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
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:

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

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 Statement of financial position. 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 reporting 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 reporting 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 reporting 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 4

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

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 or on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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 5

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.14

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 reporting 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 Statement of financial position.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 6

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 7

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 14).


4.


Intangible assets




Computer software

£



Cost


At 1 June 2022
34,840


Additions
9,500



At 31 May 2023

44,340



Amortisation


At 1 June 2022
21,535


Charge for the year on owned assets
8,453



At 31 May 2023

29,988



Net book value



At 31 May 2023
14,352



At 31 May 2022
13,305



Page 8

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2022
45,558
37,712
83,270


Additions
25,492
31,986
57,478



At 31 May 2023

71,050
69,698
140,748



Depreciation


At 1 June 2022
27,120
23,120
50,240


Charge for the year on owned assets
12,522
9,154
21,676



At 31 May 2023

39,642
32,274
71,916



Net book value



At 31 May 2023
31,408
37,424
68,832



At 31 May 2022
18,438
14,593
33,031


6.


Debtors

2023
2022
£
£


Trade debtors
205,914
148,323

Amounts owed by group undertakings
2,176,946
1,233,790

Other debtors
3,347
-

Prepayments and accrued income
912,236
700,995

3,298,443
2,083,108


Page 9

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
503,119
908,214

Less: bank overdrafts
(947)
-

502,172
908,214



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
947
-

Trade creditors
17,520
25,996

Corporation tax
116,897
194,382

Other taxation and social security
101,096
84,041

Other creditors
14,206
1,615

Accruals and deferred income
267,472
148,786

518,138
454,820



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
503,119
908,214




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


10.


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 £60,655 (2022 - £7,411). Contributions totalling £14,205 (2022 - £1,608) were payable to the fund at the reporting date and are included in creditors.

Page 10

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
26,500
10,000

Later than 1 year and not later than 5 years
11,042
-

37,542
10,000


12.Other financial commitments

The company has guaranteed all obligations and liabilities of the parent company, Business Support Experts Limited, in connection with its Loan Notes.  The Loan Notes liability of Business Support Experts Limited as at 31 May 2023 was £3,766,991 (2022 - £4,520,390).


13.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with its parent company.


14.


Controlling party

The company is a 100% subsidiary of Business Support Experts Limited, a company registered in England and Wales.

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 31 October 2023 by Andrew McCall (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 11