Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312023-08-01falseNo description of principal activity1515truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02028158 2023-08-01 2024-07-31 02028158 2022-08-01 2023-07-31 02028158 2024-07-31 02028158 2023-07-31 02028158 2022-08-01 02028158 c:Director1 2023-08-01 2024-07-31 02028158 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 02028158 d:Buildings d:LongLeaseholdAssets 2024-07-31 02028158 d:Buildings d:LongLeaseholdAssets 2023-07-31 02028158 d:PlantMachinery 2023-08-01 2024-07-31 02028158 d:PlantMachinery 2024-07-31 02028158 d:PlantMachinery 2023-07-31 02028158 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02028158 d:MotorVehicles 2023-08-01 2024-07-31 02028158 d:MotorVehicles 2024-07-31 02028158 d:MotorVehicles 2023-07-31 02028158 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02028158 d:OfficeEquipment 2023-08-01 2024-07-31 02028158 d:OfficeEquipment 2024-07-31 02028158 d:OfficeEquipment 2023-07-31 02028158 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02028158 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02028158 d:ComputerSoftware 2024-07-31 02028158 d:ComputerSoftware 2023-07-31 02028158 d:CurrentFinancialInstruments 2024-07-31 02028158 d:CurrentFinancialInstruments 2023-07-31 02028158 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 02028158 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02028158 d:ShareCapital 2024-07-31 02028158 d:ShareCapital 2023-07-31 02028158 d:RetainedEarningsAccumulatedLosses 2024-07-31 02028158 d:RetainedEarningsAccumulatedLosses 2023-07-31 02028158 c:FRS102 2023-08-01 2024-07-31 02028158 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 02028158 c:FullAccounts 2023-08-01 2024-07-31 02028158 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02028158 2 2023-08-01 2024-07-31 02028158 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 02028158 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02028158 d:OtherDeferredTax 2024-07-31 02028158 d:OtherDeferredTax 2023-07-31 02028158 e:PoundSterling 2023-08-01 2024-07-31 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 2024

 
LEADER SPECIALIST COMPONENTS LIMITED
REGISTERED NUMBER: 02028158

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
21,653
441

  
21,653
441

Current assets
  

Stocks
  
449,903
478,100

Debtors: amounts falling due within one year
 6 
598,341
566,241

Cash at bank and in hand
  
983,574
809,669

  
2,031,818
1,854,010

Creditors: amounts falling due within one year
 7 
(685,562)
(613,290)

Net current assets
  
 
 
1,346,256
 
 
1,240,720

Total assets less current liabilities
  
1,367,909
1,241,161

Provisions for liabilities
  

Deferred tax
 10 
(4,432)
-

  
 
 
(4,432)
 
 
-

Net assets
  
1,363,477
1,241,161


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,362,477
1,240,161

  
1,363,477
1,241,161


Page 1

 
LEADER SPECIALIST COMPONENTS LIMITED
REGISTERED NUMBER: 02028158
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

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: 12 August 2024

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

Page 2

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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.

 
2.7

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

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

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%
straight line basis
Plant & machinery
-
20%
reducing balance basis
Motor vehicles
-
25%
straight line 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.

 
2.9

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.

 
2.10

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.

Page 5

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.13

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.

 
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.

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.

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

Page 6

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

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 (2023 - 15).


4.


Intangible assets




Computer software

£



Cost


At 1 August 2023
16,283



At 31 July 2024

16,283



Amortisation


At 1 August 2023
16,283



At 31 July 2024

16,283



Net book value



At 31 July 2024
-



At 31 July 2023
-



Page 7

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
42,754
17,288
-
44,139
104,181


Additions
-
-
25,000
-
25,000



At 31 July 2024

42,754
17,288
25,000
44,139
129,181



Depreciation


At 1 August 2023
42,754
17,132
-
43,854
103,740


Charge for the year on owned assets
-
40
3,646
102
3,788



At 31 July 2024

42,754
17,172
3,646
43,956
107,528



Net book value



At 31 July 2024
-
116
21,354
183
21,653



At 31 July 2023
-
156
-
285
441


6.


Debtors

2024
2023
£
£


Trade debtors
573,551
544,717

Amounts owed by group undertakings
5,027
5,027

Prepayments and accrued income
19,763
15,719

Deferred taxation
-
778

598,341
566,241


Page 8

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
387,348
428,653

Amounts owed to group undertakings
197
197

Corporation tax
135,019
78,225

Other taxation and social security
137,714
96,710

Other creditors
17,784
2,005

Accruals and deferred income
7,500
7,500

685,562
613,290



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 £2,654 (2022 - £2,005) 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 9

 
LEADER SPECIALIST COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
778
772


Charged to profit or loss
(5,210)
6



At end of year
(4,432)
778

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,096)
277

Short term differences
664
501

(4,432)
778

Page 10