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Registered number: 02829887
















CADSPEC LTD



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024


































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CADSPEC LTD
REGISTERED NUMBER:02829887

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
156,780
182,910

Tangible assets
 5 
3,237
6,403

  
160,017
189,313

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
2,286,201
1,094,865

Cash at bank and in hand
  
2,842,165
2,040,343

  
5,128,366
3,135,208

Creditors: amounts falling due within one year
 7 
(3,380,429)
(1,629,373)

NET CURRENT ASSETS
  
1,747,937
1,505,835

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,907,954
1,695,148

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
-
(479)

NET ASSETS
  
1,907,954
1,694,669


CAPITAL AND RESERVES
  

Called up share capital 
 8 
20,000
20,000

Profit and loss account
 9 
1,887,954
1,674,669

  
1,907,954
1,694,669


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: 





J S Marsh
Director

Date: 27 October 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Cadspec Ltd is a private company, limited by shares, incorporated in the UK and registered in England and Wales. The registered office and trading address is Haycroft Works, Buckholt Drive, Warndon Industrial Estate, Worcester, WR4 9ND. 
The principal activity of the company continued to be that of an Autodesk Value Added Reseller and the provision of CAD sales, support and training for Architectural, Civil and Mechanical sectors. In addition to which, the company also provides technical advice, network systems, computer hardware and data management services.

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 financial statements cover the individual company only. They are presented in Sterling and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Stanford Marsh Limited as at 31 January 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

GOING CONCERN

The directors have reviewed budgets and forecasts for a period of at least 12 months from approval of these financial statements. It is considered that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Page 2


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

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:

Autodesk income
Revenue from the supply of Autodesk licences are recognised at the point the obligation to provide the licence has been fulfilled.

 
2.5

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.

 
2.6

INTEREST INCOME

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

 
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.

Page 3


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (continued)

 
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.

 
2.9

INTANGIBLE ASSETS

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
Amortiation is provided on the following basis:
  Goodwill   -  10 years straight line
 

 
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.

Page 4


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
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

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.

 
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 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.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 21 (2023: 18).

Page 5


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 February 2023
261,300



At 31 January 2024

261,300



AMORTISATION


At 1 February 2023
78,390


Charge for the year
26,130



At 31 January 2024

104,520



NET BOOK VALUE



At 31 January 2024
156,780



At 31 January 2023
182,910



Page 6


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



COST


At 1 February 2023
17,900


Disposals
(9,795)



At 31 January 2024

8,105



DEPRECIATION


At 1 February 2023
11,497


Charge for the year
3,166


Disposals
(9,795)



At 31 January 2024

4,868



NET BOOK VALUE



At 31 January 2024
3,237



At 31 January 2023
6,403


6.


DEBTORS

2024
2023
£
£


Trade debtors
1,790,562
784,414

Amounts owed by group undertakings
209,000
184,035

Other debtors
4,031
5,760

Prepayments and accrued income
282,240
120,656

Deferred taxation
368
-

2,286,201
1,094,865


Page 7


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
1,433,249
712,007

Amounts owed to group undertakings
26,488
525,870

Corporation Tax
107,080
52,376

Other taxation and social security
223,894
114,598

Accruals and deferred income
1,589,718
224,522

3,380,429
1,629,373



8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



20,000 (2023: 20,000) Ordinary shares of £1.00 each
20,000
20,000



9.


RESERVES

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.


10.


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 £34,847 (2023: £30,013). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.


11.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
28,658
23,892

Later than 1 year and not later than 5 years
10,633
22,858

39,291
46,750

Page 8


CADSPEC LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


RELATED PARTY TRANSACTIONS

The company has taken the exemption under FRS 102 33.1A from disclosing transactions with wholly owned group companies.


13.


POST BALANCE SHEET EVENTS

From 1 February 2024, the controlling party changed from Stanford Marsh Limited to Stanford Marsh Group Holdings Limited. The ultimate controlling party remains the same.


14.


CONTROLLING PARTY

At 31 January 2024, the company was controlled by its parent undertaking Stanford Marsh Limited. The ultimate controlling party was considered to be Mr C S Marsh by virtue of his shareholding in Stanford Marsh Limited.

From 1 February 2024, the company is controlled by Stanford Marsh Group Holdings Limited, as per the details in the Post Balance Sheet Events note. The ultimate controlling party is still Mr C S Marsh by virtue of his shareholding in Stanford Marsh Group Holdings Limited.

Copies of the consolidated financial statements prepared by Stanford Marsh Limited for the year ending 31 January 2024 can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.


15.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 28 October 2024 by Richard Newton FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

Page 9