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Registered number: 02502850










LUND HALSEY (CONSOLE SYSTEMS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
REGISTERED NUMBER: 02502850

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
158,377
201,361

  
158,377
201,361

Current assets
  

Stocks
  
811,822
1,043,516

Debtors: amounts falling due within one year
 5 
2,248,073
1,557,577

Cash at bank and in hand
 6 
2,523,552
3,464,587

  
5,583,447
6,065,680

Creditors: amounts falling due within one year
 7 
(2,328,542)
(1,825,772)

Net current assets
  
 
 
3,254,905
 
 
4,239,908

Total assets less current liabilities
  
3,413,282
4,441,269

Creditors: amounts falling due after more than one year
 8 
-
(4,162)

Provisions for liabilities
  

Deferred tax
  
(25,152)
(25,421)

  
 
 
(25,152)
 
 
(25,421)

Net assets
  
3,388,130
4,411,686


Capital and reserves
  

Called up share capital 
 9 
900
900

Capital redemption reserve
  
50
50

Profit and loss account
  
3,387,180
4,410,736

  
3,388,130
4,411,686

Page 1

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
REGISTERED NUMBER: 02502850
    
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: 




................................................
Mr C C Lund
Director

Date: 16 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Lund Halsey (Console Systems) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moorgate House, 201 Silbury Boulevard, Milton Keynes, Bucks, MK9 1LZ.
The principal place of business is Gatehouse Close, Aylesbury, Buckinghamshire, HP19 8DE.

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

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

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

 
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.

 
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.

Page 4

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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 both the  reducing balance and the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
33%
straight-line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
straight-line
Fixtures and fittings
-
25%
reducing balance and 33% straight-line
Computers
-
25%
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.

 
2.10

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 weighted average 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.

 
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.

Page 5

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2022 - 31).

Page 6

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Leasehold property
Plant, machinery and computer equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 August 2022
89,796
871,657
117,502
1,078,955


Additions
-
10,939
19,318
30,257


Disposals
-
(74,929)
(42,964)
(117,893)



At 31 July 2023

89,796
807,667
93,856
991,319



Depreciation


At 1 August 2022
89,796
695,089
92,709
877,594


Charge for the year on owned assets
-
56,155
16,881
73,036


Disposals
-
(74,724)
(42,964)
(117,688)



At 31 July 2023

89,796
676,520
66,626
832,942



Net book value



At 31 July 2023
-
131,147
27,230
158,377



At 31 July 2022
-
176,568
24,793
201,361


5.


Debtors

2023
2022
£
£


Trade debtors
1,820,874
1,431,027

Amounts owed by group undertakings
153,286
-

Other debtors
134,028
56,889

Prepayments and accrued income
139,885
69,661

2,248,073
1,557,577


Page 7

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,523,552
3,464,587



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
892,299
836,184

Amounts owed to group undertakings
-
62,441

Corporation tax
321,654
220,651

Other taxation and social security
119,859
106,196

Obligations under finance lease and hire purchase contracts
4,114
10,000

Other creditors
224,230
77,629

Accruals and deferred income
766,386
512,671

2,328,542
1,825,772


Barclays Bank Plc has a fixed and floating charge which covers all property of the company.  The hire purchase is secured over the asset concerned.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
4,162


Barclays Bank Plc has a fixed and floating charge which covers all property of the company.  The hire purchase is secured over the asset concerned.

Page 8

 
LUND HALSEY (CONSOLE SYSTEMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



900 (2022 - 900) Ordinary  shares of £1.00 each
900
900



10.Other financial commitments

At the year end, the company had financial commitments totalling £256,000 (2022:£nil) in respect of operating leases. 


11.


Controlling party

Nentie Holdings Limited is the parent company.  Nentie Holdings Limited is a company registered in England and Wales.  The registered office is Moorgate House, 201 Silbury Boulevard, Milton Keynes, MK9 1LZ.

 
Page 9