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Registered number: 10764141










R AND D SPECIALISTS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
R AND D SPECIALISTS LIMITED
REGISTERED NUMBER: 10764141

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
45,803
14,352

Tangible assets
 5 
77,095
68,832

  
122,898
83,184

Current assets
  

Debtors: amounts falling due within one year
 6 
3,151,334
3,298,443

Cash at bank and in hand
 7 
52,870
503,119

  
3,204,204
3,801,562

Creditors: amounts falling due within one year
 8 
(371,987)
(518,138)

Net current assets
  
 
 
2,832,217
 
 
3,283,424

Total assets less current liabilities
  
2,955,115
3,366,608

Provisions for liabilities
  

Deferred tax
 9 
(13,513)
(5,314)

  
 
 
(13,513)
 
 
(5,314)

Net assets
  
2,941,602
3,361,294


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,940,602
3,360,294

  
2,941,602
3,361,294


Page 1

 
R AND D SPECIALISTS LIMITED
REGISTERED NUMBER: 10764141
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 9 May 2025.






M. J. M. Joyner
Director

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

Page 2

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

R and D Specialists Limited is a private limited company, limited by shares, registered in England and Wales.  The registered office is Suite 10 Kings Court, Railway Street, Altrincham, WA14 2RD.  The company number is 10764141.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

A letter of support has been received from a shareholder of the parent company, Business Support Experts Limited, confirming that they will continue to support the Group to ensure that the Group can meet its obligations for at least a period of twelve months from the date that these financial statements are approved.  Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

 
2.4

Interest income

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

Page 3

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.


Page 4

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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 5

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

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.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Payroll
26
24

Page 6

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Computer software

£



Cost


At 1 June 2023
44,340


Additions
46,946



At 31 May 2024

91,286



Amortisation


At 1 June 2023
29,988


Charge for the year on owned assets
15,495



At 31 May 2024

45,483



Net book value



At 31 May 2024
45,803



At 31 May 2023
14,352



Page 7

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
71,050
69,698
140,748


Additions
15,507
25,750
41,257



At 31 May 2024

86,557
95,448
182,005



Depreciation


At 1 June 2023
39,642
32,274
71,916


Charge for the year on owned assets
16,543
16,451
32,994



At 31 May 2024

56,185
48,725
104,910



Net book value



At 31 May 2024
30,372
46,723
77,095



At 31 May 2023
31,408
37,424
68,832


6.


Debtors

2024
2023
£
£


Trade debtors
239,875
205,914

Amounts owed by group undertakings
2,428,538
2,176,946

Other debtors
112,255
3,347

Prepayments and accrued income
370,666
912,236

3,151,334
3,298,443


Page 8

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
52,870
503,119

Less: bank overdrafts
(947)
(947)

51,923
502,172



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
947
947

Trade creditors
46,321
17,520

Corporation tax
-
116,897

Other taxation and social security
68,455
101,096

Other creditors
10,774
14,206

Accruals and deferred income
245,490
267,472

371,987
518,138


Page 9

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Deferred taxation




2024


£






At beginning of year
(5,314)


Charged to profit or loss
(8,199)



At end of year
(13,513)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(18,552)
(16,410)

Short term timing differences
5,039
11,096

(13,513)
(5,314)


10.


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 £92,587 (2023 - £60,655). Contributions totalling £6,154 (2023 - £14,205) were payable to the fund at the reporting date and are included in creditors.


11.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
12,800
26,500

Later than 1 year and not later than 5 years
5,333
11,042

18,133
37,542

Page 10

 
R AND D SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.Other financial commitments

The company has guaranteed all obligations and liabilities of the parent company, Business Support Experts Limited, in connection with its Loan Notes.  The Loan Notes liability of Business Support Experts Limited as at 31 May 2024 was £3,766,991 (2023 - £3,766,991).


13.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with its parent company.


14.


Controlling party

The company is a 100% subsidiary of Business Support Experts Limited, a company registered in England and Wales.

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 9 May 2025 by Simon Whalley (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 11