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REGISTERED NUMBER: 01459141 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024

for

LEEC Limited

LEEC Limited (Registered number: 01459141)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


LEEC Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr R P Venners
Mr P Venners
Mr L Kirk
Mrs M E Jones





SECRETARY: Mrs M E Jones





REGISTERED OFFICE: Private Road No 7
Colwick Industrial Estate
Colwick
Nottingham
NG4 2AJ





REGISTERED NUMBER: 01459141 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

LEEC Limited (Registered number: 01459141)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The directors are pleased to report another strong trading performance this year. A change in sales mix has come into fruition this year, with a good balance being struck between standard equipment and bespoke long term projects.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the company include its ability to obtain new orders from the existing customer base, and to expand the customer base geographically in order to give access to new markets. Whilst focusing on growth of the core business the Directors are aware that maintaining the company's ability to retain key employees will help to achieve this.

The company has been successful in recent years in expanding into overseas markets, including the introduction of a number of OEM contracts, and this exposes the company to risks relating to foreign exchange fluctuations. The company uses financial instruments as part of it financial risk management to mitigate its exposure to currencies that the company is exposed to when undertaking overseas contracts.

The company is exposed to the usual credit risk and cash flow risk associated with its business, and the credit terms afforded to customers, and manages this through tight credit control procedures.

ANALYSIS OF KEY PERFORMANCE INDICATORS
The Board look at turnover, margins and profitability when monitoring business performance.

Turnover has increased from £10,799,166 to £11,363,439. Gross margin has increased to 32%. Overheads remain well controlled resulting in a net profit before tax of £495,988.

The Board also consider key statement of financial position areas in order to understand the financial position of the company.

The statement of financial position has been further strengthened during the year. Cash at bank remains healthy, and the Board are satisfied that the company can continue to pay its debt as they fall due for the foreseeable future.

RESEARCH AND DEVELOPMENT
Continuing investment is made in the research and development of laboratory, forensic and pathology equipment.

As the company provides a unique design, build and installation service to meet customers specifications, products undergo continual research and development to enable the company to provide the optimal solution to its customer base. The company has been successful in maximising tax relief available for its research and development activities in the year, together also with patented products.

ON BEHALF OF THE BOARD:





Mr R P Venners - Director


19 December 2024

LEEC Limited (Registered number: 01459141)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of design, manufacture, installation and hire of forensic and pathology equipment and the manufacture and distribution of laboratory equipment together with the provision of maintenance services.

DIVIDENDS
Particulars of interim and recommended dividends are detailed in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr R P Venners
Mr P Venners

Other changes in directors holding office are as follows:

Mrs E S Anderson - resigned 18 December 2023
Mr L Kirk - appointed 18 September 2023
Mrs M E Jones - appointed 12 March 2024

PROFESSIONAL INDEMNITY INSURANCE
The company takes out indemnity insurance on behalf of the directors.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company's financial risk management policies.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LEEC Limited (Registered number: 01459141)

Report of the Directors
for the Year Ended 30 April 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr R P Venners - Director


19 December 2024

Report of the Independent Auditors to the Members of
LEEC Limited

Opinion
We have audited the financial statements of LEEC Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
LEEC Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

19 December 2024

LEEC Limited (Registered number: 01459141)

Statement of Comprehensive
Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 11,363,440 10,799,166

Cost of sales 7,737,661 7,413,354
GROSS PROFIT 3,625,779 3,385,812

Distribution costs 155,716 194,174
Administrative expenses 3,102,454 2,799,653
3,258,170 2,993,827
367,609 391,985

Other operating income 63,658 84,291
OPERATING PROFIT 5 431,267 476,276

Interest receivable and similar income 64,722 5,747
495,989 482,023

Interest payable and similar expenses 6 - 18
PROFIT BEFORE TAXATION 495,989 482,005

Tax on profit 7 51,587 12,581
PROFIT FOR THE FINANCIAL YEAR 444,402 469,424

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

444,402

469,424

LEEC Limited (Registered number: 01459141)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 717,437 611,175

CURRENT ASSETS
Stocks 10 1,401,345 1,424,742
Debtors 11 1,817,492 2,845,673
Cash at bank and in hand 4,500,238 3,657,815
7,719,075 7,928,230
CREDITORS
Amounts falling due within one year 12 3,723,069 4,086,584
NET CURRENT ASSETS 3,996,006 3,841,646
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,713,443

4,452,821

CREDITORS
Amounts falling due after more than one
year

13

(143,795

)

(223,483

)

PROVISIONS FOR LIABILITIES 15 (202,594 ) (201,769 )
NET ASSETS 4,367,054 4,027,569

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Retained earnings 17 4,357,054 4,017,569
SHAREHOLDERS' FUNDS 4,367,054 4,027,569

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





Mr R P Venners - Director


LEEC Limited (Registered number: 01459141)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 10,000 3,637,685 3,647,685

Changes in equity
Dividends - (89,540 ) (89,540 )
Total comprehensive income - 469,424 469,424
Balance at 30 April 2023 10,000 4,017,569 4,027,569

Changes in equity
Dividends - (104,917 ) (104,917 )
Total comprehensive income - 444,402 444,402
Balance at 30 April 2024 10,000 4,357,054 4,367,054

LEEC Limited (Registered number: 01459141)

Statement of Cash Flows
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,275,873 641,193
Interest paid - (18 )
Tax paid (30,096 ) (4,163 )
Net cash from operating activities 1,245,777 637,012

Cash flows from investing activities
Purchase of tangible fixed assets (286,868 ) (55,619 )
Sale of tangible fixed assets 3,396 -
Interest received 64,722 5,747
Net cash from investing activities (218,750 ) (49,872 )

Cash flows from financing activities
Capital repayments in year (79,687 ) (106,897 )
Equity dividends paid (104,917 ) (89,540 )
Net cash from financing activities (184,604 ) (196,437 )

Increase in cash and cash equivalents 842,423 390,703
Cash and cash equivalents at beginning
of year

2

3,657,815

3,267,112

Cash and cash equivalents at end of year 2 4,500,238 3,657,815

LEEC Limited (Registered number: 01459141)

Notes to the Statement of Cash Flows
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 495,989 482,005
Depreciation charges 178,321 150,420
(Profit)/loss on disposal of fixed assets (1,111 ) 1,930
Provisions and employee benefits 2,398 46,408
Finance costs - 18
Finance income (64,722 ) (5,747 )
610,875 675,034
Decrease in stocks 23,397 86,777
Decrease/(increase) in trade and other debtors 1,028,181 (534,497 )
(Decrease)/increase in trade and other creditors (386,580 ) 413,879
Cash generated from operations 1,275,873 641,193

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 4,500,238 3,657,815
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 3,657,815 3,267,112


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 3,657,815 842,423 4,500,238
3,657,815 842,423 4,500,238
Debt
Finance leases (301,295 ) 79,687 (221,608 )
(301,295 ) 79,687 (221,608 )
Total 3,356,520 922,110 4,278,630

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

LEEC Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest pound (£).

Turnover
Turnover represents the fair value of all products and services delivered during the year, less returns received, at selling price excluding value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer.

For long term contracts, turnover represents the value of work done in the year and is determined by reference to the stage of completion of each contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

Cost is calculated using the first-in first-out method and include the normal cost of transporting stock to its present location and condition. Net realisable value is the anticipated sales proceeds less any costs to complete and sell.

Work in progress is valued on the basis of direct material costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

All other leases are operating leases and the annual rentals are charged to the income statement on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 11,363,440 10,799,166
11,363,440 10,799,166

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,226,024 7,921,151
Overseas 2,137,416 2,878,015
11,363,440 10,799,166

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,078,547 2,896,848
Social security costs 309,665 289,852
Other pension costs 87,955 78,593
3,476,167 3,265,293

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Office and management 48 44
Production 40 38
88 82

2024 2023
£    £   
Directors' remuneration 150,743 94,825
Directors' pension contributions to money purchase schemes 12,198 11,750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 7,041 7,240
Other operating leases 350,685 346,357
Depreciation - owned assets 178,321 150,420
(Profit)/loss on disposal of fixed assets (1,111 ) 1,930
Auditors' remuneration 12,500 12,231
Foreign exchange differences 15,792 12,699
Costs of stocks recognised as an expense 5,576,816 5,342,413
Impairment of trade debtors 26,990 4,324
R&D expenditure written off 22,548 18,620

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest paid - 18

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 53,160 30,096

Deferred tax (1,573 ) (17,515 )
Tax on profit 51,587 12,581

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 495,989 482,005
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

123,997

93,957

Effects of:
Expenses not deductible for tax purposes 734 371
Depreciation in excess of capital allowances 439 11,137
Research and development and patent box relief (72,010 ) (75,369 )
Deferred tax movements (1,573 ) (17,515 )
Total tax charge 51,587 12,581

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 104,917 89,540

9. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 61,486 828,195 322,109 129,950 1,341,740
Additions 28,075 54,268 43,030 161,495 286,868
Disposals - (11,800 ) (40,769 ) - (52,569 )
At 30 April 2024 89,561 870,663 324,370 291,445 1,576,039
DEPRECIATION
At 1 May 2023 3,278 501,401 225,886 - 730,565
Charge for year 19,866 105,044 40,120 13,291 178,321
Eliminated on disposal - (11,800 ) (38,484 ) - (50,284 )
At 30 April 2024 23,144 594,645 227,522 13,291 858,602
NET BOOK VALUE
At 30 April 2024 66,417 276,018 96,848 278,154 717,437
At 30 April 2023 58,208 326,794 96,223 129,950 611,175

The net book value of tangible fixed assets includes an amount of £301,389 (2023 - £388,669) in respect of assets held under finance leases or hire purchase contracts. Depreciation charged on these assets during the year amounted to £66,451 (2023 - £75,483).

10. STOCKS
2024 2023
£    £   
Raw materials 1,065,101 1,030,138
Work-in-progress 294,959 290,858
Finished goods 41,285 103,746
1,401,345 1,424,742

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,446,967 2,283,030
Bad debt provision (26,990 ) (16,679 )
Amounts owed by group undertakings 13 48
Other debtors 4,359 4,687
Directors' current accounts 2,020 22,380
Prepayments 391,123 552,207
1,817,492 2,845,673

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 77,813 77,812
Trade creditors 1,130,014 1,374,720
Tax 53,160 30,096
Social security and other taxes 69,292 71,852
Wages and salaries control 17,090 16,179
VAT 193,952 342,496
Other creditors 16,721 15,646
Accruals and deferred income 2,165,027 2,143,787
Deferred government grants - 13,996
3,723,069 4,086,584

The bank holds first legal charges over certain company assets, together with an unlimited debenture incorporating a fixed and floating charge.

The hire purchase creditors are secured on the assets to which they relate.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 143,795 223,483

The hire purchase creditors are secured on the assets to which they relate.

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 77,813 77,812
Between one and five years 143,795 223,483
221,608 301,295

Non-cancellable operating leases
2024 2023
£    £   
Within one year 310,893 296,097
Between one and five years 576,745 685,188
887,638 981,285

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 111,740 113,313
Other provisions 90,854 88,456
202,594 201,769

Deferred Other
tax provisions
£    £   
Balance at 1 May 2023 113,313 88,456
Credit to Statement of Comprehensive Income during year (1,573 ) -
Additions - 90,854
Unused amounts reversed - (88,456 )
Balance at 30 April 2024 111,740 90,854

Other provisions

The company provides a warranty over its products for an average period of one year. A warranty provision has been included in these accounts based on the expected costs to be incurred in servicing these agreements over that period.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

17. RESERVES

Called up share capital - represents the nominal value of shares that have been issued.

Profit and loss account - the profit and loss account represents cumulative profits and losses.

18. PENSION COMMITMENTS

The amount recognised in profit or loss in relation to defined contribution plans was £87,955 (2023 - £78,593).

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mr P Venners
Balance outstanding at start of year 3,699 15,489
Amounts advanced 35,339 70,230
Amounts repaid (37,018 ) (82,020 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,020 3,699

LEEC Limited (Registered number: 01459141)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr R P Venners
Balance outstanding at start of year 18,691 15,604
Amounts advanced 849 14,611
Amounts repaid (19,540 ) (11,524 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 18,691

Transactions within the loan accounts relate to private expenditure paid by the company on behalf of the directors, and repayment of these sums by the directors to the group.

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

21. ULTIMATE CONTROLLING PARTY

The company is wholly owned by its parent company, LEEC Holdings Limited, a company incorporated in the UK. LEEC Holdings Limited prepares the only consolidated accounts in the group, and these include the results of LEEC Limited. The consolidated financial statements can be obtained from Companies House. The registered office of LEEC Holdings Limited is Private Road No 7, Colwick Industrial Estate, Colwick, Nottingham, NG4 2AJ.

The company's controlling party is Mr P Venners by virtue of his controlling interest in LEEC Holdings Limited.