Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01No description of principal activityfalse1515truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02028158 2022-08-01 2023-07-31 02028158 2021-08-01 2022-07-31 02028158 2023-07-31 02028158 2022-07-31 02028158 2021-08-01 02028158 c:Director1 2022-08-01 2023-07-31 02028158 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 02028158 d:Buildings d:LongLeaseholdAssets 2023-07-31 02028158 d:Buildings d:LongLeaseholdAssets 2022-07-31 02028158 d:PlantMachinery 2022-08-01 2023-07-31 02028158 d:PlantMachinery 2023-07-31 02028158 d:PlantMachinery 2022-07-31 02028158 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02028158 d:OfficeEquipment 2022-08-01 2023-07-31 02028158 d:OfficeEquipment 2023-07-31 02028158 d:OfficeEquipment 2022-07-31 02028158 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02028158 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02028158 d:ComputerSoftware 2023-07-31 02028158 d:ComputerSoftware 2022-07-31 02028158 d:CurrentFinancialInstruments 2023-07-31 02028158 d:CurrentFinancialInstruments 2022-07-31 02028158 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02028158 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02028158 d:ShareCapital 2023-07-31 02028158 d:ShareCapital 2022-07-31 02028158 d:OtherMiscellaneousReserve 2023-07-31 02028158 d:OtherMiscellaneousReserve 2022-07-31 02028158 d:RetainedEarningsAccumulatedLosses 2023-07-31 02028158 d:RetainedEarningsAccumulatedLosses 2022-07-31 02028158 c:FRS102 2022-08-01 2023-07-31 02028158 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 02028158 c:FullAccounts 2022-08-01 2023-07-31 02028158 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02028158 2 2022-08-01 2023-07-31 02028158 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02028158 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 02028158 d:OtherDeferredTax 2023-07-31 02028158 d:OtherDeferredTax 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 02028158










LEADER SPECIALIST COMPONENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
LEADER SPECIALIST COMPONENTS LIMITED
REGISTERED NUMBER: 02028158

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
441
624

  
441
624

Current assets
  

Stocks
  
478,100
291,852

Debtors: amounts falling due within one year
 6 
566,241
325,116

Cash at bank and in hand
  
809,669
903,594

  
1,854,010
1,520,562

Creditors: amounts falling due within one year
 7 
(613,290)
(303,004)

Net current assets
  
 
 
1,240,720
 
 
1,217,558

Total assets less current liabilities
  
1,241,161
1,218,182

  

Net assets
  
1,241,161
1,218,182


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Other reserves
  
(1,184)
-

Profit and loss account
  
1,241,345
1,217,182

  
1,241,161
1,218,182


Page 1

 
LEADER SPECIALIST COMPONENTS LIMITED
REGISTERED NUMBER: 02028158
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of 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 by: 






M L Belcher
Director

Date: 23 November 2023

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

Page 2

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Leader Specialist Components Limited (02028158) is a private company limited by shares and incorporated in England and Wales. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

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

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 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

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.

 
2.7

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.

Page 4

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
20%
on cost
Plant & machinery
-
20%
reducing balance basis
Office equipment
-
20%
reducing balance basis

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.

 
2.10

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 reporting 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.

 
2.11

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.

Page 5

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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.

 
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.

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
Page 6

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

Derecognition of financial instruments

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15).

Page 7

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Intangible assets




Computer software

£



Cost


At 1 August 2022
16,283



At 31 July 2023

16,283



Amortisation


At 1 August 2022
16,283



At 31 July 2023

16,283



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 8

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
42,754
17,288
44,139
104,181



At 31 July 2023

42,754
17,288
44,139
104,181



Depreciation


At 1 August 2022
42,754
17,079
43,724
103,557


Charge for the year on owned assets
-
53
130
183



At 31 July 2023

42,754
17,132
43,854
103,740



Net book value



At 31 July 2023
-
156
285
441



At 31 July 2022
-
209
415
624


6.


Debtors

2023
2022
£
£


Trade debtors
544,717
304,789

Amounts owed by group undertakings
5,027
5,027

Prepayments and accrued income
15,719
14,528

Deferred taxation
778
772

566,241
325,116


Page 9

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
428,653
207,422

Amounts owed to group undertakings
197
197

Corporation tax
78,225
26,481

Other taxation and social security
96,710
59,578

Other creditors
2,005
1,826

Accruals and deferred income
7,500
7,500

613,290
303,004



8.


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 £9,451 (2022 - £9,034). Contributions totalling £2,005 (2022 - £1,826) were payable to the fund at the reporting date are included in creditors.


9.


Controlling party

The controlling party are Leader Specialist Holdings Limited, the ultimate control lies with the shareholders of that company. 

Page 10

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
772
574


Charged to profit or loss
6
198



At end of year
778
772

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
277
316

Short term differences
501
456

778
772

Page 11