Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-319369falsetruehiring of sound equipment and assosciated services for use at conferences, exhibitions and theatresfalse29false2023-01-0124 02284222 2023-01-01 2023-12-31 02284222 2022-01-01 2022-12-31 02284222 2023-12-31 02284222 2022-12-31 02284222 2022-01-01 02284222 c:Director2 2023-01-01 2023-12-31 02284222 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02284222 d:Buildings d:LongLeaseholdAssets 2023-12-31 02284222 d:Buildings d:LongLeaseholdAssets 2022-12-31 02284222 d:PlantMachinery 2023-01-01 2023-12-31 02284222 d:PlantMachinery 2023-12-31 02284222 d:PlantMachinery 2022-12-31 02284222 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02284222 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02284222 d:MotorVehicles 2023-01-01 2023-12-31 02284222 d:MotorVehicles 2023-12-31 02284222 d:MotorVehicles 2022-12-31 02284222 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02284222 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02284222 d:OfficeEquipment 2023-01-01 2023-12-31 02284222 d:OfficeEquipment 2023-12-31 02284222 d:OfficeEquipment 2022-12-31 02284222 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02284222 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02284222 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02284222 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02284222 d:CurrentFinancialInstruments 2023-12-31 02284222 d:CurrentFinancialInstruments 2022-12-31 02284222 d:Non-currentFinancialInstruments 2023-12-31 02284222 d:Non-currentFinancialInstruments 2022-12-31 02284222 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02284222 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02284222 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02284222 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02284222 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02284222 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02284222 d:ShareCapital 2023-12-31 02284222 d:ShareCapital 2022-12-31 02284222 d:RetainedEarningsAccumulatedLosses 2023-12-31 02284222 d:RetainedEarningsAccumulatedLosses 2022-12-31 02284222 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02284222 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02284222 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02284222 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02284222 c:FRS102 2023-01-01 2023-12-31 02284222 c:Audited 2023-01-01 2023-12-31 02284222 c:FullAccounts 2023-01-01 2023-12-31 02284222 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02284222 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02284222 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 02284222 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02284222 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 02284222 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02284222 2 2023-01-01 2023-12-31 02284222 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 02284222 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 02284222 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 02284222 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 02284222 d:LeasedAssetsHeldAsLessee 2023-12-31 02284222 d:LeasedAssetsHeldAsLessee 2022-12-31 02284222 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 02284222


LACD UK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
LACD UK LIMITED
REGISTERED NUMBER: 02284222

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,966,809
1,654,393

  
1,966,809
1,654,393

Current assets
  

Stocks
  
75,935
73,113

Debtors
 5 
459,333
853,149

Cash at bank and in hand
 6 
155,919
697,131

  
691,187
1,623,393

Creditors: amounts falling due within one year
 7 
(1,466,069)
(1,904,707)

Net current liabilities
  
 
 
(774,882)
 
 
(281,314)

Total assets less current liabilities
  
1,191,927
1,373,079

Creditors: amounts falling due after more than one year
 8 
(459,657)
(440,844)

Provisions for liabilities
  

Deferred tax
 11 
(286,198)
(317,849)

  
 
 
(286,198)
 
 
(317,849)

Net assets
  
446,072
614,386


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
445,072
613,386

  
446,072
614,386


Page 1

 
LACD UK LIMITED
REGISTERED NUMBER: 02284222
    
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 by: 



D L Hanson
Director

Date: 23 September 2024

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

Page 2

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

LACD UK Limited is a private company limited by shares and is incorporated and registered in England and Wales with registration number 02284222. The address of its registered office is 21 Island Farm Avenue, West Molesey, Surrey, England, KT8 2UZ.
The principal activity of the Company is that of providing manpower and equipment for events.
The accounts are prepared in pounds sterling, rounded to the nearest £1.

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.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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.

Page 4

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

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.

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as set out below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the term of the lease
Plant and machinery
-
10%
straight line
Motor vehicles
-
20%
reducing balance
Office equipment
-
20%
reducing balance

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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 6

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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 29 (2022 - 24).

Page 7

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
84,943
7,649,683
44,893
413,214
8,192,733


Additions
14,941
837,111
-
29,646
881,698


Disposals
-
(806,173)
-
-
(806,173)



At 31 December 2023

99,884
7,680,621
44,893
442,860
8,268,258



Depreciation


At 1 January 2023
43,920
6,107,655
10,462
376,303
6,538,340


Charge for the year on owned assets
9,369
246,232
2,480
10,869
268,950


Charge for the year on financed assets
-
39,636
4,407
-
44,043


Disposals
-
(549,884)
-
-
(549,884)



At 31 December 2023

53,289
5,843,639
17,349
387,172
6,301,449



Net book value



At 31 December 2023
46,595
1,836,982
27,544
55,688
1,966,809



At 31 December 2022
41,023
1,542,028
34,431
36,911
1,654,393

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
816,889
428,366

Motor vehicles
17,629
22,036

834,518
450,402

Page 8

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£



Trade debtors
299,402
505,660

Amounts owed by group undertakings
-
50,091

Other debtors
8,439
18,212

Prepayments and accrued income
151,492
279,186

459,333
853,149



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
155,919
697,131

Less: bank overdrafts
-
(29)

155,919
697,102



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
29

Bank loans
48,611
116,666

Trade creditors
318,234
204,342

Amounts owed to group undertakings
469,783
851,277

Corporation tax
2,593
2,593

Other taxation and social security
157,390
158,026

Obligations under finance lease and hire purchase contracts
84,960
96,625

Other creditors
17,148
3,743

Accruals and deferred income
367,350
471,406

1,466,069
1,904,707


Page 9

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
48,612

Net obligations under finance leases and hire purchase contracts
136,560
113,099

Amounts owed to group undertakings
323,097
279,133

459,657
440,844



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
48,611
116,666


48,611
116,666

Amounts falling due 1-2 years

Bank loans
-
48,612


-
48,612



48,611
165,278


The bank loans are secured by a fixed and floating charge over the assets of the Company.

Page 10

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
84,960
96,625

Between 1-5 years
136,560
113,099

221,520
209,724

The finance leases are secured on the assets concerned.


11.


Deferred taxation




2023
2022


£

£






At beginning of year
(317,849)
(208,746)


Charged to profit or loss
31,651
(109,103)



At end of year
(286,198)
(317,849)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(480,053)
(388,523)

Tax losses carried forward
193,855
70,674

(286,198)
(317,849)


12.


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 £40,408 (2022 - £27,210). Contributions totalling £Nil (2022 - £3,596) were payable to the fund at the balance sheet date.

Page 11

 
LACD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Controlling party

The immediate and ultimate parent company is L-Acoustics Group SAS, a company incorporated in France. The smallest and largest group in which the Company's results are included are the consolidated financial statements of L-Acoustics Group SAS, copies of which can be obtained from the registered office address of the parent company 13 Rue de Lavacher Cintrat, 91460 Marcoussus, France.

14.


Auditors' information

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

The qualification in the audit report was as follows:
We were unable to gain sufficient appropriate evidence to support the existence of stock valued at £73,113. We were unable to inspect stock at the balance sheet date as we were appointed after this date and there was no practical method, retrospectively, by which we could physically inspect stock to ascertain the existence at the balance sheet date.

The audit report was signed on 23 September 2024 by Alexander Chrysaphiades (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 12