Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseNo description of principal activity1212trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06588754 2023-06-01 2024-05-31 06588754 2022-06-01 2023-05-31 06588754 2024-05-31 06588754 2023-05-31 06588754 c:Director1 2023-06-01 2024-05-31 06588754 d:Buildings d:ShortLeaseholdAssets 2023-06-01 2024-05-31 06588754 d:Buildings d:ShortLeaseholdAssets 2024-05-31 06588754 d:Buildings d:ShortLeaseholdAssets 2023-05-31 06588754 d:FurnitureFittings 2023-06-01 2024-05-31 06588754 d:FurnitureFittings 2024-05-31 06588754 d:FurnitureFittings 2023-05-31 06588754 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06588754 d:OfficeEquipment 2023-06-01 2024-05-31 06588754 d:OfficeEquipment 2024-05-31 06588754 d:OfficeEquipment 2023-05-31 06588754 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06588754 d:ComputerEquipment 2023-06-01 2024-05-31 06588754 d:ComputerEquipment 2024-05-31 06588754 d:ComputerEquipment 2023-05-31 06588754 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06588754 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06588754 d:CurrentFinancialInstruments 2024-05-31 06588754 d:CurrentFinancialInstruments 2023-05-31 06588754 d:Non-currentFinancialInstruments 2024-05-31 06588754 d:Non-currentFinancialInstruments 2023-05-31 06588754 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 06588754 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06588754 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 06588754 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 06588754 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 06588754 d:ShareCapital 2024-05-31 06588754 d:ShareCapital 2023-05-31 06588754 d:RetainedEarningsAccumulatedLosses 2024-05-31 06588754 d:RetainedEarningsAccumulatedLosses 2023-05-31 06588754 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 06588754 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 06588754 c:FRS102 2023-06-01 2024-05-31 06588754 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 06588754 c:FullAccounts 2023-06-01 2024-05-31 06588754 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06588754 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number:  06588754














LONDON TEACHING SUPPLY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


 
LONDON TEACHING SUPPLY LTD
REGISTERED NUMBER: 06588754

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,183
15,377

  
8,183
15,377

Current assets
  

Debtors: amounts falling due after more than one year
 5 
24,776
27,719

Debtors: amounts falling due within one year
 5 
175,946
225,981

Cash at bank and in hand
 6 
120,080
76,246

  
320,802
329,946

Creditors: amounts falling due within one year
 7 
(83,331)
(95,181)

Net current assets
  
 
 
237,471
 
 
234,765

Total assets less current liabilities
  
245,654
250,142

Creditors: amounts falling due after more than one year
 8 
(150,189)
(160,313)

  

Net assets
  
95,465
89,829


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
95,461
89,825

  
95,465
89,829


Page 1

 
LONDON TEACHING SUPPLY LTD
REGISTERED NUMBER: 06588754
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers 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 director acknowledges his 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 on 4 November 2024.




W. C. Currie
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.06588754). The address of the registered office is 3rd Floor Castle Chambers, 43 Castle Street, Liverpool L2 9SH.
These financial statements present information about the company as an individual undertaking; it is a wholly owned subsidiary of LTS Group Limited. The principal activity of the company is that of the provision of temporary workers in the education industry.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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:

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.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
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 Balance sheet. 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 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.


 
2.7

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

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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


S/Term Leasehold Property
-
10% straight line
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% straight line
Computer equipment
-
33.3% 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.

 
2.8

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

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.

 
2.11

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.

Financial instruments are recognised in the Company's Balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
Page 5

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary
Page 6

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 7

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Short Term Leasehold Property
Fixtures & fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
12,942
30,346
16,749
67,713
127,750



At 31 May 2024

12,942
30,346
16,749
67,713
127,750



Depreciation


At 1 June 2023
10,630
28,179
13,195
60,369
112,373


Charge for the year on owned assets
1,294
492
939
4,469
7,194



At 31 May 2024

11,924
28,671
14,134
64,838
119,567



Net book value



At 31 May 2024
1,018
1,675
2,615
2,875
8,183



At 31 May 2023
2,312
2,167
3,554
7,344
15,377

Page 8

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset
24,776
27,719

24,776
27,719


2024
2023
£
£

Due within one year

Trade debtors
164,524
215,758

Amounts owed by group undertakings
1,900
1,900

Other debtors
750
750

Prepayments and accrued income
8,772
7,573

175,946
225,981



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
120,080
76,246

120,080
76,246



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,125
10,125

Trade creditors
18,874
21,054

Other taxation and social security
44,536
50,954

Other creditors
2,733
2,743

Accruals and deferred income
7,063
10,305

83,331
95,181


Page 9

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,189
25,313

Other creditors
135,000
135,000

150,189
160,313



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,125
10,125

Amounts falling due 1-2 years

Bank loans
10,125
10,125

Amounts falling due 2-5 years

Bank loans
5,064
15,188


25,314
35,438



10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
120,080
76,246




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 10

 
LONDON TEACHING SUPPLY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


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 £10,851 (2023 £13,052). 
Contributions totalling £2,733 (2023 £2,743) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions


2024
2023
£
£

Amount due to a director
135,000
135,000
Recharges to related parties
134,743
123,290
Recharges from related parties
-
178
Amounts due from related parties - wrote off as bad debt
58,528
-
Amounts due from related parties
1,500
68,075
Amounts due to a related party
10,422
14,982

All related parties are under common control.


13.


Controlling party

London Teaching Supply Limited is a wholly owned subsidiary of LTS Group Limited, whose registered office address is 3rd Floor, Castle Chambers, 43 Castle Street, Liverpool, Merseyside L2 9SH. LTS Group is controlled by C E and W C Currie by virtue of their shareholdings.

 
Page 11