Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.6falsefalse2023-06-01Wholesale of other machinery and equipment7truetrue 09580744 2023-06-01 2024-05-31 09580744 2022-06-01 2023-05-31 09580744 2024-05-31 09580744 2023-05-31 09580744 2022-06-01 09580744 c:Director1 2023-06-01 2024-05-31 09580744 d:MotorVehicles 2023-06-01 2024-05-31 09580744 d:MotorVehicles 2024-05-31 09580744 d:MotorVehicles 2023-05-31 09580744 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09580744 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 09580744 d:OtherPropertyPlantEquipment 2024-05-31 09580744 d:OtherPropertyPlantEquipment 2023-05-31 09580744 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09580744 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09580744 d:CurrentFinancialInstruments 2024-05-31 09580744 d:CurrentFinancialInstruments 2023-05-31 09580744 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 09580744 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 09580744 d:ShareCapital 2023-06-01 2024-05-31 09580744 d:ShareCapital 2024-05-31 09580744 d:ShareCapital 2022-06-01 2023-05-31 09580744 d:ShareCapital 2023-05-31 09580744 d:ShareCapital 2022-06-01 09580744 d:CapitalRedemptionReserve 2023-06-01 2024-05-31 09580744 d:CapitalRedemptionReserve 2024-05-31 09580744 d:CapitalRedemptionReserve 2022-06-01 2023-05-31 09580744 d:CapitalRedemptionReserve 2023-05-31 09580744 d:CapitalRedemptionReserve 2022-06-01 09580744 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 09580744 d:RetainedEarningsAccumulatedLosses 2024-05-31 09580744 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 09580744 d:RetainedEarningsAccumulatedLosses 2023-05-31 09580744 d:RetainedEarningsAccumulatedLosses 2022-06-01 09580744 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 09580744 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 09580744 c:FRS102 2023-06-01 2024-05-31 09580744 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09580744 c:FullAccounts 2023-06-01 2024-05-31 09580744 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09580744 2 2023-06-01 2024-05-31 09580744 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 09580744










LABQUIP NDT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
LABQUIP NDT LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LABQUIP NDT LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Labquip NDT Limited for the year ended 31 May 2024 which comprise  the Statement of financial position, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Labquip NDT Limited in accordance with the terms of our engagement letter dated 1st December 2021Our work has been undertaken solely to prepare for your approval the financial statements of Labquip NDT Limited and state those matters that we have agreed to state to the director of Labquip NDT Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Labquip NDT Limited and its director for our work or for this report. 

It is your duty to ensure that Labquip NDT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Labquip NDT Limited. You consider that Labquip NDT Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Labquip NDT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



McColes & Co (Herts) Ltd
 
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ
25 February 2025
Page 1

 
LABQUIP NDT LIMITED
REGISTERED NUMBER: 09580744

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
79,825
87,360

  
79,825
87,360

Current assets
  

Stocks
  
65,629
66,083

Debtors: amounts falling due within one year
 5 
126,403
397,752

Cash at bank and in hand
  
1,187,399
669,800

  
1,379,431
1,133,635

Creditors: amounts falling due within one year
 6 
(969,609)
(858,583)

Net current assets
  
 
 
409,822
 
 
275,052

Total assets less current liabilities
  
489,647
362,412

Provisions for liabilities
  

Deferred tax
 7 
(10,091)
(11,607)

  
 
 
(10,091)
 
 
(11,607)

Net assets
  
479,556
350,805


Capital and reserves
  

Called up share capital 
  
8
8

Capital redemption reserve
  
2
2

Profit and loss account
  
479,546
350,795

  
479,556
350,805


Page 2

 
LABQUIP NDT LIMITED
REGISTERED NUMBER: 09580744
    
STATEMENT OF FINANCIAL POSITION (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 24 February 2025.




C Cusack
Director

The notes on pages 6 to 12 form part of these financial statements.

Page 3

 
LABQUIP NDT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
8
2
350,795
350,805


Comprehensive income for the year

Profit for the year

-
-
138,751
138,751


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
138,751
138,751


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(10,000)
(10,000)


Total transactions with owners
-
-
(10,000)
(10,000)


At 31 May 2024
8
2
479,546
479,556


The notes on pages 6 to 12 form part of these financial statements.

Page 4

 
LABQUIP NDT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
10
-
302,170
302,180


Comprehensive income for the year

Profit for the year

-
-
120,017
120,017


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
120,017
120,017


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(37,000)
(37,000)

Purchase of own shares
-
2
(34,392)
(34,390)

Shares cancelled during the year
(2)
-
-
(2)


Total transactions with owners
(2)
2
(71,392)
(71,392)


At 31 May 2023
8
2
350,795
350,805


The notes on pages 6 to 12 form part of these financial statements.

Page 5

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.Accounting policies

 
1.1

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 presentational currency of the Company is GBP.

The following principal accounting policies have been applied:

 
1.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

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.

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

Page 6

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.Accounting policies (continued)

 
1.4

Interest income

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

 
1.5

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
1.7

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 7

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.Accounting policies (continued)


1.7
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 following methods.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight line
Other fixed assets
-
20%
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.

 
1.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.9

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.

 
1.10

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.

 
1.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.Accounting policies (continued)

 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 09580744
Its Registered Office is:
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 6).

Page 9

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Motor vehicles
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 June 2023
44,130
111,304
155,434


Additions
21,750
48,602
70,352


Disposals
-
(75,498)
(75,498)



At 31 May 2024

65,880
84,408
150,288



Depreciation


At 1 June 2023
31,366
36,708
68,074


Charge for the year on owned assets
13,176
16,881
30,057


Disposals
-
(27,668)
(27,668)



At 31 May 2024

44,542
25,921
70,463



Net book value



At 31 May 2024
21,338
58,487
79,825



At 31 May 2023
12,764
74,596
87,360

Page 10

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
121,293
382,296

Other debtors
5,110
15,456

126,403
397,752



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
822,524
436,120

Corporation tax
42,451
20,439

Other taxation and social security
79,056
98,383

Other creditors
17,784
279,951

Accruals and deferred income
7,794
23,690

969,609
858,583



7.


Deferred taxation




2024


£






At beginning of year
(11,607)


Utilised in year
1,516



At end of year
(10,091)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,091)
(11,607)

(10,091)
(11,607)


Page 11

 
LABQUIP NDT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


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 £5,833 (2023 - £6,465) . Contributions totalling £2,994 (2023 - £0) were payable to the fund at the reporting date and are included in creditors.


9.


Related party transactions

Included in Other Creditors is an amount due to a related party Mr J Cusack, at the reporting date the balance was £nil (2023 - £61,129).  The loan does not attract a rate of interest and is repayable on demand.
Included in trade creditors is £815,518 (2023 - £410,781) due from a connected company Labquip (Ireland) Ltd.  During the year the Company made purchases of £1,148,378 (2023 - £800,291) from Labquip (Ireland) Ltd.
The company has a lease for 25 years and pays rent to the Director, Mr C Cusack. Included in the profit and loss account in the year to 31st May 2024 is £1,250 (2023: £nil).

 
Page 12