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REGISTERED NUMBER: 06888746 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

LEEC Holdings Limited

LEEC Holdings Limited (Registered number: 06888746)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


LEEC Holdings Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs A L Smith
Mr R P Venners
Mr P Venners
Mrs E J A Venners





SECRETARY: Mrs M E Jones





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





REGISTERED NUMBER: 06888746 (England and Wales)





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

LEEC Holdings Limited (Registered number: 06888746)

Group Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report of the company and the group 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 and group 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 and group's ability to retain key employees will help to achieve this.

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

The company and group are 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 group turnover, margins and profitability when monitoring business performance.

Turnover has increased from £10,928,869 to £11,496,057. Gross margin has remained strong at 33% (2023 - 32%). Overheads are well controlled resulting in a net profit before taxation of £785,556 (2023 - £1,211,380 which included an unrealised gain on the revaluation of investment properties of £450,496).

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

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 and group can continue to pay its debts as they fall due for the foreseeable future.

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

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

ON BEHALF OF THE BOARD:





Mr R P Venners - Director


19 December 2024

LEEC Holdings Limited (Registered number: 06888746)

Report of the Directors
for the Year Ended 30 April 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

The principal activity of the group during the year was the 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. In addition the group invested in a small portfolio of residential properties which are held within another subsidiary company.

DIVIDENDS
Dividends totalling £413,473 (2023 - £237,137) were declared and paid or payable during the year.

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

Mrs A L Smith
Mr R P Venners
Mr P Venners
Mrs E J A Venners

PROFESSIONAL INDEMNITY INSURANCE
The group 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 and group's financial risk management policies.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LEEC Holdings Limited (Registered number: 06888746)

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 group'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 group'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 Holdings Limited

Opinion
We have audited the financial statements of LEEC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Holdings 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 group's and the parent 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 group or the parent 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 Holdings Limited (Registered number: 06888746)

Consolidated
Income Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 11,496,057 10,928,869

Cost of sales 7,750,864 7,417,433
GROSS PROFIT 3,745,193 3,511,436

Distribution costs 155,716 194,174
Administrative expenses 2,933,752 2,647,962
3,089,468 2,842,136
655,725 669,300

Other operating income 65,109 85,855
OPERATING PROFIT 5 720,834 755,155

Interest receivable and similar income 64,722 5,747
785,556 760,902
Gain/loss on revaluation of assets - 450,496
785,556 1,211,398

Interest payable and similar expenses 6 - 18
PROFIT BEFORE TAXATION 785,556 1,211,380

Tax on profit 7 126,798 184,340
PROFIT FOR THE FINANCIAL YEAR 658,758 1,027,040
Profit attributable to:
Owners of the parent 658,758 1,027,040

LEEC Holdings Limited (Registered number: 06888746)

Consolidated
Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 658,758 1,027,040


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

658,758

1,027,040

Total comprehensive income attributable to:
Owners of the parent 658,758 1,027,040

LEEC Holdings Limited (Registered number: 06888746)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,726,895 2,631,913
Investments 11 - -
Investment property 12 2,867,000 2,867,000
5,593,895 5,498,913

CURRENT ASSETS
Stocks 13 1,401,345 1,424,742
Debtors 14 1,817,741 2,845,995
Cash at bank and in hand 4,879,175 4,100,292
8,098,261 8,371,029
CREDITORS
Amounts falling due within one year 15 3,836,840 4,181,048
NET CURRENT ASSETS 4,261,421 4,189,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,855,316

9,688,894

CREDITORS
Amounts falling due after more than one
year

16

(143,795

)

(223,483

)

PROVISIONS FOR LIABILITIES 18 (529,926 ) (529,101 )
NET ASSETS 9,181,595 8,936,310

CAPITAL AND RESERVES
Called up share capital 19 4,950 4,950
Share premium 20 490,050 490,050
Revaluation reserve 20 1,196,705 1,196,705
Retained earnings 20 7,489,890 7,244,605
9,181,595 8,936,310

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 Holdings Limited (Registered number: 06888746)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,184,000 2,192,000
Investments 11 4,000,200 4,000,100
Investment property 12 - -
6,184,200 6,192,100

CURRENT ASSETS
Debtors 14 2,284,513 2,329,471
Cash at bank 248,824 358,550
2,533,337 2,688,021
CREDITORS
Amounts falling due within one year 15 67,554 56,576
NET CURRENT ASSETS 2,465,783 2,631,445
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,649,983

8,823,545

PROVISIONS FOR LIABILITIES 18 214,708 214,708
NET ASSETS 8,435,275 8,608,837

CAPITAL AND RESERVES
Called up share capital 19 4,950 4,950
Share premium 20 490,050 490,050
Revaluation reserve 20 858,833 858,833
Retained earnings 20 7,081,442 7,255,004
8,435,275 8,608,837

Company's profit for the financial year 239,911 220,768

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 Holdings Limited (Registered number: 06888746)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 4,950 6,792,574 490,050 858,833 8,146,407

Changes in equity
Dividends - (237,137 ) - - (237,137 )
Total comprehensive income - 689,168 - 337,872 1,027,040
Balance at 30 April 2023 4,950 7,244,605 490,050 1,196,705 8,936,310

Changes in equity
Dividends - (413,473 ) - - (413,473 )
Total comprehensive income - 658,758 - - 658,758
Balance at 30 April 2024 4,950 7,489,890 490,050 1,196,705 9,181,595

LEEC Holdings Limited (Registered number: 06888746)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 4,950 7,271,373 490,050 858,833 8,625,206

Changes in equity
Dividends - (237,137 ) - - (237,137 )
Total comprehensive income - 220,768 - - 220,768
Balance at 30 April 2023 4,950 7,255,004 490,050 858,833 8,608,837

Changes in equity
Dividends - (413,473 ) - - (413,473 )
Total comprehensive income - 239,911 - - 239,911
Balance at 30 April 2024 4,950 7,081,442 490,050 858,833 8,435,275

LEEC Holdings Limited (Registered number: 06888746)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,580,024 938,062
Interest paid - (18 )
Tax paid (89,231 ) (29,334 )
Net cash from operating activities 1,490,793 908,710

Cash flows from investing activities
Purchase of tangible fixed assets (286,868 ) (55,849 )
Sale of tangible fixed assets 3,396 -
Interest received 64,722 5,747
Net cash from investing activities (218,750 ) (50,102 )

Cash flows from financing activities
Loan repayments in year - (7,919 )
Capital repayments in year (79,687 ) (106,897 )
Equity dividends paid (413,473 ) (237,137 )
Net cash from financing activities (493,160 ) (351,953 )

Increase in cash and cash equivalents 778,883 506,655
Cash and cash equivalents at beginning
of year

2

4,100,292

3,593,637

Cash and cash equivalents at end of year 2 4,879,175 4,100,292

LEEC Holdings Limited (Registered number: 06888746)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit for the financial year 658,758 1,027,040
Depreciation charges 189,601 162,485
(Profit)/loss on disposal of fixed assets (1,111 ) 1,930
Gain on revaluation of fixed assets - (450,496 )
Non-cash movement in warranty provisions 2,398 46,408
Finance costs - 18
Finance income (64,722 ) (5,747 )
Taxation 126,798 184,340
911,722 965,978
Decrease in stocks 23,397 86,777
Decrease/(increase) in trade and other debtors 1,028,254 (533,185 )
(Decrease)/increase in trade and other creditors (383,349 ) 418,492
Cash generated from operations 1,580,024 938,062

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 4,879,175 4,100,292
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 4,100,292 3,593,637


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 4,100,292 778,883 4,879,175
4,100,292 778,883 4,879,175
Debt
Finance leases (301,295 ) 79,687 (221,608 )
(301,295 ) 79,687 (221,608 )
Total 3,798,997 858,570 4,657,567

LEEC Holdings Limited (Registered number: 06888746)

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

1. STATUTORY INFORMATION

LEEC Holdings 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 General 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 as modified by the revaluation of certain assets.

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

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 30 April 2024 to the extent of the group's interest in that undertaking and after eliminating intra-group transactions. Accounting polices are adjusted, where appropriate, to conform to group accounting policies.

In the company's financial statements investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value.

A separate income statement for the parent company has not been presented in accordance with Section 408 of the Companies Act 2006. The result of the parent company dealt with in these financial statements is disclosed on the company balance sheet page. The individual accounts of LEEC Holdings Limited have also taken the exemption available from the requirement to present a statement of cash flows.

Turnover
Turnover represents the fair value of all goods sold during the year, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company and group has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

For long term contracts, turnover represents the fair value of work done in the year and is determined by reference to the stage of completion of each contract. The stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover from investment properties is measured at the fair value of the consideration received or receivable from rental income.

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 - 25% on cost and 15% on reducing balance
Motor vehicles - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

No depreciation is charged on freehold land or investment properties. 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.

LEEC Holdings Limited (Registered number: 06888746)

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

2. ACCOUNTING POLICIES - continued

Investment properties
Investment properties are measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment properties are subsequently revalued to fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Stocks and work in progress
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Research and development expenditure is written off in the income statement in the period in which it is incurred.

Foreign currencies
In preparing the financial statement of the individual companies, transactions in currencies other than the functional currency of those companies (foreign currencies) are recognised by applying the HMRC monthly exchange rate in the month of the transaction. At the statement of financial position date monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the HMRC exchange rate ruling at the statement of financial position date. Non-monetary assets and liabilities and transactions in foreign currencies are translated into sterling at the HMRC rate of exchange ruling at the date of the transaction and are not retranslated at the year end rate. Exchange differences are recognised in profit or loss for the period in which they arise.

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.

LEEC Holdings Limited (Registered number: 06888746)

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

2. ACCOUNTING POLICIES - continued

Employee benefits
Short term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. The pension charge represents the amounts payable by the company and group to the fund in respect of the year. The assets of the scheme are held separately from those of the company and group in an independently administered fund.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,358,641 8,050,854
Europe 2,137,416 2,878,015
11,496,057 10,928,869

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,078,548 2,896,848
Social security costs 309,665 289,852
Other pension costs 94,255 84,893
3,482,468 3,271,593

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

Office and management 48 38
Production 40 44
88 82

2024 2023
£    £   
Directors' remuneration 23,918 14,807
Directors' pension contributions to money purchase schemes 12,175 12,175

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

Money purchase schemes 2 2

LEEC Holdings Limited (Registered number: 06888746)

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

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 155,685 151,357
Depreciation - owned assets 189,601 162,483
(Profit)/loss on disposal of fixed assets (1,111 ) 1,930
Auditors' remuneration 19,850 18,572
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 128,371 89,231

Deferred tax (1,573 ) 95,109
Tax on profit 126,798 184,340

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 785,556 1,211,380
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.493 %)

196,389

236,134

Effects of:
Expenses not deductible for tax purposes 751 2,849
Income not taxable for tax purposes - (87,815 )
Depreciation in excess of capital allowances 3,241 13,432
Research and development relief (38,526 ) (37,886 )
Patent box tax relief (33,484 ) (37,483 )
Movement in deferred tax provision (1,573 ) 95,109
Total tax charge 126,798 184,340

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


LEEC Holdings Limited (Registered number: 06888746)

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

9. DIVIDENDS

Dividends declared and paid during the year amounted to £413,473 (2023 - £237,137).

10. TANGIBLE FIXED ASSETS

Group
Land and Long Plant and
Buildings leasehold machinery
£    £    £   
COST
At 1 May 2023 2,017,614 61,486 828,725
Additions - 28,075 54,268
Disposals - - (11,800 )
At 30 April 2024 2,017,614 89,561 871,193
DEPRECIATION
At 1 May 2023 8,000 3,278 501,651
Charge for year 8,000 19,866 105,176
Eliminated on disposal - - (11,800 )
At 30 April 2024 16,000 23,144 595,027
NET BOOK VALUE
At 30 April 2024 2,001,614 66,417 276,166
At 30 April 2023 2,009,614 58,208 327,074

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 342,409 129,950 3,380,184
Additions 43,030 161,495 286,868
Disposals (40,769 ) - (52,569 )
At 30 April 2024 344,670 291,445 3,614,483
DEPRECIATION
At 1 May 2023 235,342 - 748,271
Charge for year 43,268 13,291 189,601
Eliminated on disposal (38,484 ) - (50,284 )
At 30 April 2024 240,126 13,291 887,588
NET BOOK VALUE
At 30 April 2024 104,544 278,154 2,726,895
At 30 April 2023 107,067 129,950 2,631,913

The business property was professionally revalued by Musson Liggins, an independent external valuer, on 30 March 2022.

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).

LEEC Holdings Limited (Registered number: 06888746)

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

10. TANGIBLE FIXED ASSETS - continued

Company
Land and
Buildings
£   
COST
At 1 May 2023
and 30 April 2024 2,200,000
DEPRECIATION
At 1 May 2023 8,000
Charge for year 8,000
At 30 April 2024 16,000
NET BOOK VALUE
At 30 April 2024 2,184,000
At 30 April 2023 2,192,000

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023 4,000,100
Additions 100
At 30 April 2024 4,000,200
NET BOOK VALUE
At 30 April 2024 4,000,200
At 30 April 2023 4,000,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

LEEC Limited
Registered office: England and Wales
Nature of business: Manufacturer of forensic and pathology equipment
%
Class of shares: holding
Ordinary 100.00

Pear Tree Houses Limited
Registered office: England and Wales
Nature of business: Residential property investment
%
Class of shares: holding
Ordinary 100.00

Laserbend Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


LEEC Holdings Limited (Registered number: 06888746)

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

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 2,867,000
NET BOOK VALUE
At 30 April 2024 2,867,000
At 30 April 2023 2,867,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2023 450,496
Cost 2,416,504
2,867,000

13. STOCKS

Group
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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,446,967 2,283,030 - -
Bad debt provision (26,990 ) (16,679 ) - -
Amounts owed by group undertakings - - 2,284,388 2,329,238
Other debtors 4,496 4,825 - -
Directors' current accounts 2,020 22,380 - -
Prepayments 391,248 552,439 125 233
1,817,741 2,845,995 2,284,513 2,329,471

LEEC Holdings Limited (Registered number: 06888746)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 17) 77,813 77,812 - -
Trade creditors 1,136,418 1,374,770 - -
Amounts owed to group undertakings - - 13 -
Tax 128,371 89,231 47,665 36,775
Social security and other taxes 69,292 71,852 - -
Wages and salaries control 17,090 16,179 - -
VAT 193,952 342,496 - -
Other creditors 24,906 15,646 100 -
Directors' current accounts - 25 - 25
Accruals and deferred income 2,188,998 2,179,041 19,776 19,776
Deferred government grants - 13,996 - -
3,836,840 4,181,048 67,554 56,576

The hire purchase creditor is secured on the assets to which it relates.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 17) 143,795 223,483

The hire purchase creditor is secured on the assets to which it relates.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 115,893 101,097
Between one and five years 186,745 100,188
302,638 201,285

LEEC Holdings Limited (Registered number: 06888746)

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

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 111,740 113,313 - -
Other timing differences 327,332 327,332 214,708 214,708
439,072 440,645 214,708 214,708

Other provisions 90,854 88,456 - -

Aggregate amounts 529,926 529,101 214,708 214,708

Group
Deferred Other
tax provisions
£    £   
Balance at 1 May 2023 440,645 88,456
Credit to Income Statement during year (1,573 ) -
Additions - 90,854
Unused amounts reversed - (88,456 )
Balance at 30 April 2024 439,072 90,854

Company
Deferred
tax
£   
Balance at 1 May 2023 214,708
Balance at 30 April 2024 214,708

Other provisions

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

19. CALLED UP SHARE CAPITAL

The company's issued share capital is as follows:

346,500 Ordinary A shares of £0.01 each (2023 - 346,500 Ordinary A shares of £0.01 each).
49,500 Ordinary B shares of £0.01 each (2023 - 49,500 Ordinary B shares of £0.01 each).
49,500 Ordinary C shares of £0.01 each (2023 - 49,500 Ordinary C shares of £0.01 each).
24,750 Ordinary D shares of £0.01 each (2023 - 24,750 Ordinary D shares of £0.01 each).
24,750 Ordinary E shares of £0.01 each (2023 - 24,750 Ordinary E shares of £0.01 each).

The total value of issued share capital at 30 April 2024 was £4,950 (2023 - £4,950).

20. RESERVES

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

Revaluation reserve - this represents increases or decreases in the valuation of properties.

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

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

LEEC Holdings Limited (Registered number: 06888746)

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

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Certain directors had interest free loans due from them to the group during the year.

During the year advances were made to Mr P Venners and Mr R Venners totalling £35,339 (2023 - £70,230) and £849 (2023 - £14,611) respectively. Repayments were made by the directors of £37,018 (2023 - £82,020) and £19,540 (2023 - £11,524) respectively. The amounts due from the directors to the group at 30 April 2024 were £2,020 (2023 - £3,699) and £Nil (2023 - £18,691) respectively.

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

22. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from disclosing transactions with other companies within the LEEC Holdings group.

During the year certain directors received dividends totalling £413,473 (2023 - £237,137).

23. CONTROLLING PARTY

The company was under the control of a director, Mr P Venners, throughout the year.

24. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company or group. Contributions payable for the year were:

Group - £94,255 (2023 - £84,893).

Company - £6,300 (2023 - £6,300).