Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01falseNo description of principal activity1212truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06588754 2022-06-01 2023-05-31 06588754 2021-06-01 2022-05-31 06588754 2023-05-31 06588754 2022-05-31 06588754 c:Director1 2022-06-01 2023-05-31 06588754 d:Buildings d:ShortLeaseholdAssets 2022-06-01 2023-05-31 06588754 d:Buildings d:ShortLeaseholdAssets 2023-05-31 06588754 d:Buildings d:ShortLeaseholdAssets 2022-05-31 06588754 d:FurnitureFittings 2022-06-01 2023-05-31 06588754 d:FurnitureFittings 2023-05-31 06588754 d:FurnitureFittings 2022-05-31 06588754 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06588754 d:OfficeEquipment 2022-06-01 2023-05-31 06588754 d:OfficeEquipment 2023-05-31 06588754 d:OfficeEquipment 2022-05-31 06588754 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06588754 d:ComputerEquipment 2022-06-01 2023-05-31 06588754 d:ComputerEquipment 2023-05-31 06588754 d:ComputerEquipment 2022-05-31 06588754 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06588754 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06588754 d:CurrentFinancialInstruments 2023-05-31 06588754 d:CurrentFinancialInstruments 2022-05-31 06588754 d:Non-currentFinancialInstruments 2023-05-31 06588754 d:Non-currentFinancialInstruments 2022-05-31 06588754 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06588754 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 06588754 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06588754 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 06588754 d:ShareCapital 2023-05-31 06588754 d:ShareCapital 2022-05-31 06588754 d:RetainedEarningsAccumulatedLosses 2023-05-31 06588754 d:RetainedEarningsAccumulatedLosses 2022-05-31 06588754 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 06588754 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 06588754 c:FRS102 2022-06-01 2023-05-31 06588754 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 06588754 c:FullAccounts 2022-06-01 2023-05-31 06588754 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06588754 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number:  06588754














LONDON TEACHING SUPPLY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


 
LONDON TEACHING SUPPLY LTD
REGISTERED NUMBER: 06588754

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,377
17,946

  
15,377
17,946

Current assets
  

Debtors: amounts falling due after more than one year
 5 
27,719
26,059

Debtors: amounts falling due within one year
 5 
225,981
215,911

Cash at bank and in hand
 6 
76,246
62,595

  
329,946
304,565

Creditors: amounts falling due within one year
 7 
(95,181)
(97,738)

Net current assets
  
 
 
234,765
 
 
206,827

Total assets less current liabilities
  
250,142
224,773

Creditors: amounts falling due after more than one year
 8 
(160,313)
(130,564)

  

Net assets
  
89,829
94,209


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
89,825
94,205

  
89,829
94,209


Page 1

 
LONDON TEACHING SUPPLY LTD
REGISTERED NUMBER: 06588754
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The director considers 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 director acknowledges his 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 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 15 November 2023.




W. C. Currie
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.06588754). The address of the registered office is 3rd Floor Castle Chambers, 43 Castle Street, Liverpool L2 9SH.
These financial statements present information about the company as an individual undertaking; it is a wholly owned subsidiary of LTS Group Limited. The principal activity of the company is that of the provision of temporary workers in the education industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Government grants

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

 
2.5

Interest income

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

 
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
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

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 reference listed below..


S/Term Leasehold Property
-
10% straight line
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% straight line
Computer equipment
-
33.3% straight line

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

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

Page 5

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet 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.

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.
Page 6

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).


4.


Tangible fixed assets





Short Term Leasehold Property
Fixtures & fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
12,942
30,146
16,949
61,787
121,824


Additions
-
-
-
5,926
5,926



At 31 May 2023

12,942
30,146
16,949
67,713
127,750



Depreciation


At 1 June 2022
9,335
27,524
11,944
55,075
103,878


Charge for the year on owned assets
1,295
655
1,251
5,294
8,495



At 31 May 2023

10,630
28,179
13,195
60,369
112,373



Net book value



At 31 May 2023
2,312
1,967
3,754
7,344
15,377



At 31 May 2022
3,607
2,622
5,005
6,712
17,946

Page 7

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
27,719
26,059

27,719
26,059


2023
2022
£
£

Due within one year

Trade debtors
215,758
206,809

Amounts owed by group undertakings
1,900
1,900

Other debtors
750
750

Prepayments and accrued income
7,573
6,452

225,981
215,911



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
76,246
62,595

76,246
62,595



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,125
10,000

Trade creditors
21,054
19,099

Other taxation and social security
50,954
50,051

Other creditors
2,743
2,719

Accruals and deferred income
10,305
15,869

95,181
97,738


Page 8

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,313
35,564

Other creditors
135,000
95,000

160,313
130,564



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,125
10,000

Amounts falling due 1-2 years

Bank loans
10,125
10,000

Amounts falling due 2-5 years

Bank loans
15,188
25,564


35,438
45,564



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
76,246
62,595




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

Page 9

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


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 £13,052 (2022 £9,826). 
Contributions totalling £2,743 (2022 £2,719) were payable to the fund at the balance sheet date and are included in creditors.


12.


Controlling party

London Teaching Supply Limited is a wholly owned subsidiary of LTS Group Limited, whose registered office address is 3rd Floor, Castle Chambers, 43 Castle Street, Liverpool, Merseyside L2 9SH. LTS Group is controlled by C E and W C Currie by virtue of their shareholdings.

 
Page 10