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Registered number: 02136045









LEUZE ELECTRONIC LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LEUZE ELECTRONIC LIMITED
 
 
COMPANY INFORMATION


Directors
Mr G. Hockin 
Mr S. Buccheri 
Mr M. Kast 




Company secretary
Mrs J. Norman



Registered number
02136045



Registered office
1b Fenice Court
Phoenix Park

Eaton Socon

St Neots

Cambridgeshire

PE19 8EW




Independent auditors
Calders (1883) LLP
Chartered Accountants and Statutory Auditors

30 Orange Street

London

WC2H 7HF





 
LEUZE ELECTRONIC LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12


 
LEUZE ELECTRONIC LIMITED
REGISTERED NUMBER: 02136045

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
3,536
5,686

Tangible assets
 6 
33,192
14,635

  
36,728
20,321

Current assets
  

Stocks
 7 
10,581
17,740

Debtors: amounts falling due within one year
 8 
907,871
770,175

Cash at bank and in hand
 9 
40,317
25,092

  
958,769
813,007

Creditors: amounts falling due within one year
 10 
(342,068)
(257,110)

Net current assets
  
 
 
616,701
 
 
555,897

Total assets less current liabilities
  
653,429
576,218

Provisions for liabilities
  

Deferred tax
 11 
(3,699)
(3,659)

  
 
 
(3,699)
 
 
(3,659)

Net assets
  
649,730
572,559


Capital and reserves
  

Called up share capital 
  
160,000
160,000

Profit and loss account
  
489,730
412,559

  
649,730
572,559


Page 1

 
LEUZE ELECTRONIC LIMITED
REGISTERED NUMBER: 02136045
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 January 2024.




Mr G. Hockin
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Leuze Electronic Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02136045. The address of the registered office is 1b Fenice Court, Phoenix Park, Eaton Socon, St. Neots, Cambridgeshire, PE19 8EW.

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 directors consider that it is appropriate for the accounts to be prepared on a going concern basis. The company's immediate parent company, Leuze Electronic Internationale Beteiligungen GmbH + Co., has provided a letter stating it and its affiliates have no plans or intentions that would materially effect the operations of the company and that it will provide the necessary support to the company for it to continue as a going concern.

 
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

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 Amortisation is provided on the following bases:

Licenses
-
10 years straight line

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Fenice Court - 120 months over the period of the lease
Fixtures and equipment
-
Office and factory equipment: 8 years straight line
Office furniture: 10 years straight line
Computers and hardware: 3 years 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.

 
2.6

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 4

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.


Impairment of financial assets

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


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.

Page 5

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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

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 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.

 
2.11

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.

 
2.12

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.

Page 6

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Operating leases: the Company as lessee

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

 
2.14

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.

 
2.15

Interest income

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

 
2.16

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 7

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements (net of prior year overprovision).
16,000
15,950


4.


Employees

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

Page 8

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Licenses

£



Cost


At 1 January 2023
21,504



At 31 December 2023

21,504



Amortisation


At 1 January 2023
15,818


Charge for the year on owned assets
2,150



At 31 December 2023

17,968



Net book value



At 31 December 2023
3,536



At 31 December 2022
5,686



Page 9

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Leasehold improvements
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
6,314
63,486
69,800


Additions
20,031
10,217
30,248


Disposals
(6,314)
(1,078)
(7,392)



At 31 December 2023

20,031
72,625
92,656



Depreciation


At 1 January 2023
6,314
48,851
55,165


Charge for the year on owned assets
1,634
9,016
10,650


Disposals
(6,314)
(37)
(6,351)



At 31 December 2023

1,634
57,830
59,464



Net book value



At 31 December 2023
18,397
14,795
33,192



At 31 December 2022
-
14,635
14,635


7.


Stocks

2023
2022
£
£

Finished goods
10,581
17,740

10,581
17,740


Page 10

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
799,455
619,334

Amounts owed by group undertakings
54,490
108,731

Other debtors
53,926
42,110

907,871
770,175



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
40,317
25,092

40,317
25,092



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,891
16,664

Corporation tax
18,943
15,558

Other taxation and social security
201,639
151,632

Accruals and deferred income
88,595
73,256

342,068
257,110



11.


Deferred taxation




2023


£






At beginning of year
(3,659)


Movement in the year
(40)



At end of year
(3,699)

Page 11

 
LEUZE ELECTRONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,699)
(3,659)

(3,699)
(3,659)

The movement of £40 equates to the deferred expense debit for the year.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases of £466,505 (2022 - £127,123).



13.


Related party transactions

The company has taken advantage of the exemption afforded by FRS102 not to disclose transactions or balances with other wholly owned members of the group.
The only group for which consolidated financial statements are prepared which include the results of this company is that headed by Leuze Geschäftsführungs GmbH, whose registered office is: In der Braike 1, 73277 Owen, Germany.


14.


Auditors' information

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

The audit report was signed on 26 January 2024 by Tony Badiani (Senior statutory auditor) on behalf of Calders (1883) LLP.

 
Page 12