Company Registration No. 03205383 (England and Wales)
LANDSCAPE PRINTING SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
LANDSCAPE PRINTING SYSTEMS LIMITED
COMPANY INFORMATION
Directors
S J Hawkins
S McDonald
C J Barnes
M Correia
(Appointed 12 February 2025)
Secretary
S McDonald
Company number
03205383
Registered office
Ashridge House
Oaklands Park
Wokingham
Berkshire
RG41 2FD
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
LANDSCAPE PRINTING SYSTEMS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
LANDSCAPE PRINTING SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

Fair review of the business

The company is engaged in the supply of assessment services and solutions. These services focus on delivering tangible business outcomes across six main pillars of technology and services to corporate, SME, Graphic Arts and public sector customers. These six areas are Licensing, Cyber Security, Unified Communications, Sourcing of Technology, Digital Workplace Technology and Managed Print.

The company is a strategic partner of over 80 leading Technology Vendors that provide hardware, disruptive software, services and Cloud solutions. These include the likes of Xerox, HP, Microsoft, Lenovo, Apple, Barracuda, Avant, Nexthink and Arctic Wolf.

The directors are satisfied with the performance of the company during the year.

The directors continue to focus on business transformation and recognise how difficult diversification is. While turnover greatly reduced due to the absence of large contract wins compared to the previous year, 63% still came from the new offerings being taken to market. In terms of new sales made during the year, 80% came from the aforementioned new technology services.

The transformation process surrounds utilising the strong platform from being a leading Managed Print Service Provider, to becoming an IT Managed Services provider that remains the leader in Managed Print Services.

The directors are focused on continuing to broaden and improve the services and the value Landscape brings and delivers to its customers. This is particularly the case in the big growth markets of PC / Laptop Services, Cyber and Al.

The directors are therefore expecting 2024/25 to show the benefits of investments in these areas to further build the platform for sustainable long-term growth.

Turnover has decreased from £20.7m to £8.5m due to the absence of large contract wins compared to the previous year. Gross margins have increased from 19% to 32% and profit before tax has decreased from £495K to a loss of £69K. Despite the loss the directors are comfortable with this, recognising the investments made have opened opportunities for financial year 2024/25. Relationships with suppliers and customers remained strong throughout the period.

Principal risks and uncertainties

The economic climate remains uncertain because of a group of factors including inflation, interest rates and changes from the recent UK budget. These conditions have an impact not just upon the company, but also upon customers and their ability / propensity to acquire new technology software and services.

The relevant risks are being managed and modelled sensibly and there is a core focus on driving sales in the customer offerings developed as part of the company's strategy. Many of these offerings deliver enhanced value to customers in the areas of cost reduction, productivity / efficiency improvement, service level improvement, compliance and improving environmental impacts.

This focus not only ensures that the company's offerings have the highest relevance to customers in these uncertain times but also target the areas of the market where the largest growth opportunities exist.

Outside of this there is a high degree of competition in the marketplace for all key business revenue and profit lines. The company prides itself on the value it brings to its customers and that it focusses on disruptive value offerings.

LANDSCAPE PRINTING SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Development and performance

The board of directors see the following key priorities to develop and drive performance:

  1. Continued focus on maximising the opportunities within the Managed Print Service arena.

  2. Continued focus on maximising the opportunities from the new revenue / profit streams of Licensing, Cyber Security, Unified Communications, Sourcing of Technology, Digital Workplace Technology and the disruptive solutions that are being brought to market.

  3. Adding more disruptive and innovative offerings to the portfolio to help increase sales in new areas and take hold of new market opportunities.

  4. Continuing to deliver value and a premium service to the company's customer base.

  5. Continuing development of employees to build the talent base foundations from which to grow.

Key performance indicators

The board monitor and review all aspects of the business as a matter of course and through monthly board meetings.

Turnover, gross margins, net profit before tax, cash position and net assets are the key financial performance indicators reviewed by the business.

 

Further analysis is completed on new revenue / profit stream growth, services trends, and cost base analysis. The 2024 performance can be summarised as:

Turnover has decreased from £20.7m to £8.5m due to the absence of large contract wins compared to the previous year. Gross margins have increased from 19% to 32% and profit before tax has decreased from £495K to a loss of £69K. Despite the loss the directors are comfortable with this, recognising the investments made have opened opportunities for financial year 2024/25. Relationships with suppliers and customers remained strong throughout the period.

On behalf of the board

S J Hawkins
Mr S McDonald
Director
Director
31 March 2025
LANDSCAPE PRINTING SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be engaging in the supply of assessment services and solutions. These services focus on delivering tangible business outcomes across six main pillars of technology services to corporate, SME, Graphic Arts and public sector customers. These six areas are Licensing, Cyber Security, Unified Communications, Sourcing of Technology, Digital Workplace Technology and Managed Print.

 

The company is a strategic partner of over 80 leading Technology Vendors that provide hardware, disruptive software, services and Cloud solutions. These include the likes of Xerox, HP, Microsoft, Lenovo, Apple, Barracuda, Avant, Nexthink and Arctic Wolf.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S J Hawkins
S McDonald
C J Barnes
M Correia
(Appointed 12 February 2025)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Shaw Gibbs (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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.

LANDSCAPE PRINTING SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so with respect to principal risks and uncertainties and development and performance.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S J Hawkins
S McDonald
Director
Director
31 March 2025
LANDSCAPE PRINTING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANDSCAPE PRINTING SYSTEMS LIMITED
- 5 -
Opinion

We have audited the financial statements of Landscape Printing Systems Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and 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 FRS 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

LANDSCAPE PRINTING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANDSCAPE PRINTING SYSTEMS LIMITED (CONTINUED)
- 6 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

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

 

  1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws and regulations. This helps us to plan appropriate risk assessments.

     

  2. During the audit we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.

     

  3. We assess the risk of material misstatement in the financial statements including as a result of fraud and undertake procedures including:

    1. Reviewing the controls set in place by management;

    2. Making enquiries of management as to whether they consider fraud or other irregularities may have taken place, or where such opportunity might exist;

    3. Challenging management assumptions with regard to accounting estimates; and

    4. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.

 

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 regulations. 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.

LANDSCAPE PRINTING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANDSCAPE PRINTING SYSTEMS LIMITED (CONTINUED)
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Nikolaos Ioannidis
Senior Statutory Auditor
For and on behalf of Shaw Gibbs (Audit) Limited
3 April 2025
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
LANDSCAPE PRINTING SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,551,899
20,719,331
Cost of sales
(5,819,921)
(16,688,780)
Gross profit
2,731,978
4,030,551
Administrative expenses
(2,800,557)
(3,535,277)
(Loss)/profit before taxation
(68,579)
495,274
Tax credit/(charge)
7
15,054
(13,430)
(Loss)/profit for the financial year
(53,525)
481,844
Total comprehensive (expense)/ income for the financial year
(53,525)
481,844

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

LANDSCAPE PRINTING SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
1,940
21,311
Current assets
Stocks
9
174,230
1,808,464
Debtors
10
4,211,720
4,111,404
Cash at bank and in hand
1,860,749
1,917,924
6,246,699
7,837,792
Creditors: amounts falling due within one year
11
(2,018,069)
(3,519,968)
Net current assets
4,228,630
4,317,824
Total assets less current liabilities
4,230,570
4,339,135
Creditors: amounts falling due after more than one year
12
(533,942)
(588,982)
Net assets
3,696,628
3,750,153
Capital and reserves
Called up share capital
14
120
120
Profit and loss reserves
3,696,508
3,750,033
Total equity
3,696,628
3,750,153
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
S J Hawkins
S McDonald
Director
Director
Company Registration No. 03205383
LANDSCAPE PRINTING SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
120
3,268,189
3,268,309
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
481,844
481,844
Balance at 31 August 2023
120
3,750,033
3,750,153
Year ended 31 August 2024:
Loss and total comprehensive expense for the year
-
(53,525)
(53,525)
Balance at 31 August 2024
120
3,696,508
3,696,628
LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
1
Accounting policies
Company information

Landscape Printing Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashridge House, Oaklands Park, Wokingham, Berkshire, RG41 2FD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with Xeretec Group Limited and its 100% directly or indirectly controlled subsidiary undertakings which form part of the Xeretec Group.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Xeretec Group Limited. These consolidated financial statements are available from its registered office, Ashridge House, Oaklands Park, Wokingham, Berkshire, RG41 2FD.

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Revenue for goods is recognised at the point of sale which is generally considered to be that of the contract activation date when all the goods required to fulfil the contract are delivered to the customer and installed.

 

Revenue for services is recognised over the length of the service period.

 

Turnover recognised but not invoiced as at the balance sheet date is included in accrued income. Turnover invoiced but not recognisable as at the balance sheet date is included under deferred income.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in-first-out (FIFO) method.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation and obsolescence

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in-fist-out (FIFO) method. Estimated selling price less costs to complete and sell, includes, where necessary, provisions for slow moving and obsolete stocks. The estimation of these provisions takes into consideration the forecasted customer demand, the promotional, competitive and economic environment as well as the ageing of stock and the discontinuation of certain product lines by the key suppliers. These variables are monitored by the directors and a provision is in place to mitigate the relevant risks.

Bad debt provision

Having taken into consideration the historic and current level of bad debts, the directors consider it appropriate to have a general bad debt provision in place which is calculated at 1% of trade debtors. The relevant figure is then adjusted accordingly, if it is considered necessary, as a result of significant bad debts and/or due to underlying economic conditions which suggest a higher than normal risk of bad debts.

Warranty provision

Warranty provisions are accounted for when there is a contractual obligation for the company to cover the costs of machine repairs and/or replacements. The provisions are based on the estimated cost of parts, labour and/or replacement machines and they are determined on a contract by contract basis.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Printer related products and services
3,194,963
4,026,236
IT related products and services
5,356,936
16,693,095
8,551,899
20,719,331

The total turnover of the company for the year has been derived in the United Kingdom.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
3,275
4,186
Fees payable to the company's auditor for the audit of the company's financial statements
14,350
14,000
Depreciation of owned tangible fixed assets
7,090
25,403
Loss on disposal of tangible fixed assets
10,974
-
Operating lease charges
27,160
173,934

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £3,275 (2023 - £4,186).

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,350
14,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
Sales
10
12
Administrative
22
22
Total
35
34

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,567,038
2,090,617
Social security costs
192,024
257,642
Pension costs
102,286
106,319
1,861,348
2,454,578

The directors are remunerated from fellow group companies.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
28,255
Adjustments in respect of prior periods
(9,044)
-
0
Total current tax
(9,044)
28,255
Deferred tax
Origination and reversal of timing differences
(6,010)
(14,825)
Total tax (credit)/charge
(15,054)
13,430

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(68,579)
495,274
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.50%)
(17,145)
106,484
Tax effect of expenses that are not deductible in determining taxable profit
13,641
(11,211)
Group relief
564
(81,084)
Depreciation in excess of capital allowances
(3,070)
(759)
Under provided in prior years
(9,044)
-
0
Taxation (credit)/charge for the year
(15,054)
13,430
LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
8
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
159,176
15,510
37,838
35,128
247,652
Disposals
(159,176)
(12,294)
(35,051)
(7,998)
(214,519)
At 31 August 2024
-
0
3,216
2,787
27,130
33,133
Depreciation and impairment
At 1 September 2023
143,319
15,110
35,128
32,784
226,341
Depreciation charged in the year
3,576
250
920
2,344
7,090
Eliminated in respect of disposals
(146,895)
(12,294)
(35,051)
(7,998)
(202,238)
At 31 August 2024
-
0
3,066
997
27,130
31,193
Carrying amount
At 31 August 2024
-
0
150
1,790
-
0
1,940
At 31 August 2023
15,857
400
2,710
2,344
21,311
9
Stocks
2024
2023
£
£
Finished goods and goods for resale
174,230
1,808,464
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,319,391
3,599,261
Amounts owed by group undertakings
1,489,376
27,151
Other debtors
12,204
67,355
Prepayments and accrued income
325,643
412,640
4,146,614
4,106,407
Deferred tax asset (note 15)
11,007
4,997
4,157,621
4,111,404
LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Debtors
(Continued)
- 19 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
54,099
-
0
Total debtors
4,211,720
4,111,404
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
369,766
791,878
Amounts owed to group undertakings
244,600
583,020
Corporation tax
-
0
28,255
Other taxation and social security
218,852
349,814
Other creditors
23,684
24,442
Accruals and deferred income
1,161,167
1,742,559
2,018,069
3,519,968

On 6 June 2017, HSBC Bank plc created a fixed and floating charge over all the property and undertaking of the company.

 

There exists an unlimited multilateral agreement dated 6 June 2017 between Xeretec Group Holdings Limited, Xeretec Group Limited, Xeretec Office Systems Limited, Xeretec Scotland Limited, Landscape Holdings Limited and Landscape Printing Systems Limited with respect to group borrowings. As at 31 August 2024, total group bank loans amounted to £11,950,000.

 

12
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
533,942
588,982
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,286
106,319

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120
120
120
120

The Ordinary shares each carry full voting, dividend and capital distribution rights, including on winding up. They do not confer any rights of redemption.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
4,381
291
-
Provisions
-
-
10,716
9,378
-
4,381
11,007
9,378
2024
Movements in the year:
£
Asset at 1 September 2023
(4,997)
Credit to profit or loss
(6,010)
Asset at 31 August 2024
(11,007)
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
6,678
56,088
6,678
56,088
LANDSCAPE PRINTING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
17
Related party transactions

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with Xeretec Group Limited and its 100% directly or indirectly controlled subsidiary undertakings which form part of the Xeretec Group.

 

The company maintains current account balances with Xeretec Office Systems Limited, a fellow subsidiary undertaking within the Xeretec Group. The associated transactions relate mainly to intercompany loans and bank transfers.

 

At the year end date, the company owed £244,600 (2023: £583,020) to Xeretec Office Systems Limited.

18
Ultimate controlling party

The immediate and ultimate parent company is Xeretec Group Limited, a company registered in England and Wales.

 

The smallest and largest group which draws up consolidated financial statements including Landscape Printing Systems Limited, is that headed by Xeretec Group Limited. Copies of the group financial statements are available from its registered office Ashridge House, Oaklands Park, Wokingham, Berkshire, RG41 2FD.

 

The director S J Hawkins, is the ultimate controlling party of Landscape Printing Systems Limited by virtue of his majority shareholding in Xeretec Group Limited.

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