REGISTERED NUMBER: 02566304 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VL TEST SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C M Van Den Berk

SECRETARY:

T J Lewis

REGISTERED OFFICE:

3-4 Middle Slade

Buckingham Industrial Park

Buckingham

MK18 1WA

REGISTERED NUMBER:

02566304 (England and Wales)

AUDITORS:

TC Group

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Intangible assets

4

-

4,138

Tangible assets

5

468,430

340,824

468,430

344,962

CURRENT ASSETS

Stocks

6

995,350

1,018,055

Debtors

7

1,125,544

1,193,882

Cash at bank

257,178

170,113

2,378,072

2,382,050

CREDITORS

Amounts falling due within one year

8

2,125,753

2,116,756

NET CURRENT ASSETS

252,319

265,294

TOTAL ASSETS LESS CURRENT LIABILITIES

720,749

610,256

CREDITORS

Amounts falling due after more than one year

9

(53,946

)

(75,212

)

PROVISIONS FOR LIABILITIES

11

(34,714

)

-

NET ASSETS

632,089

535,044

CAPITAL AND RESERVES

Called up share capital

12

50,000

50,000

Retained earnings

582,089

485,044

SHAREHOLDERS' FUNDS

632,089

535,044

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

C M Van Den Berk - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Significant judgements and estimates

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods sold and services supplied to customers during the year, net of Value Added Tax, less returns received.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Intangible assets

Computer software is stated at cost less accumulated depreciation and any accumulated impairment losses. It is amortised over its estimate life of three years using the straight-line method. If there is an indication that there has been a significant change in amorisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated

residual value of each asset over its estimated useful life.

Freehold buildings 4% straight line

Plant and machinery 10% and 20% straight line

Fixtures and fittings 10% and 25% reducing balance

Office equipment 25% and 33% reducing balance

Motor vehicles 33% straight line

Freehold land is not depreciated.

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated

depreciation and accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such

indication exists, the recoverable amount of the asset is determined which is the higher of its fair value

less costs to sell and its value in use.

Stocks

Stocks comprise finished goods and spare parts. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on an average cost basis.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period

Deferred tax arises as a result of including items of income and expenditure in taxation computations in

periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Current and deferred tax assets and liabilities are not discounted.

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.

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

and 31 December 2024

43,231

AMORTISATION

At 1 January 2024

39,093

Amortisation for year

4,138

At 31 December 2024

43,231

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

4,138

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

638,181

86,809

29,254

Additions

-

13,604

-

Disposals

-

-

-

At 31 December 2024

638,181

100,413

29,254

DEPRECIATION

At 1 January 2024

508,181

86,416

21,193

Charge for year

-

2,464

869

Eliminated on disposal

-

-

-

At 31 December 2024

508,181

88,880

22,062

NET BOOK VALUE

At 31 December 2024

130,000

11,533

7,192

At 31 December 2023

130,000

393

8,061

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

691,621

45,688

1,491,553

Additions

288,181

-

301,785

Disposals

(206,123

)

-

(206,123

)

At 31 December 2024

773,679

45,688

1,587,215

DEPRECIATION

At 1 January 2024

503,348

31,591

1,150,729

Charge for year

157,189

4,595

165,117

Eliminated on disposal

(197,061

)

-

(197,061

)

At 31 December 2024

463,476

36,186

1,118,785

NET BOOK VALUE

At 31 December 2024

310,203

9,502

468,430

At 31 December 2023

188,273

14,097

340,824

Included in cost of land and buildings is freehold land of £ 130,000 (2023 - £ 130,000 ) which is not depreciated.

6.

STOCKS

2024

2023

£

£

Finished goods

995,350

1,018,055

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,050,169

1,144,389

Other debtors

18,415

21,003

Prepayments and accrued income

56,960

28,490

1,125,544

1,193,882

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

3,656

Trade creditors

84,300

95,737

Corporation tax

552,112

339,999

Social security and other taxes

335,033

266,817

Other creditors

28,300

53,834

Accruals and deferred income

1,126,008

1,356,713

2,125,753

2,116,756

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Accruals and deferred income

53,946

75,212

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

-

3,656

Barclays Security Trustee Limited have a legal charge over the freehold property of the company.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

34,714

-

Deferred

tax

£

Charge to Income Statement during year

34,714

Balance at 31 December 2024

34,714

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

50,000

Ordinary

£1

50,000

50,000

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rebecca Pickard FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

14.	CONTINGENT LIABILITIES

VL Test Systems Limited, its parent company Van Leeuwen Test Group BV and its fellow subsidiaries Van Leeuwen Test Systems BV, Van Leeuwen Teckniek BV, VL Test Systems (FarEast) PTE Ltd and VL Test Systems Malaysia SDN BHD are all jointly and severally liable for the credit facilities provided to these companies within the group. The total credit facilities provided by banks to the group are secured with mortgages on group properties held in The Netherlands and in the UK and a general lien on business equipment, inventories and receivables. As at 31 December 2024 the borrowing amounted to £nil (2023: £nil). As at the date of these accounts the directors do not anticipate that the joint and several liability will be called upon.

15.	CAPITAL COMMITMENTS

2024

2023

£

£

Contracted but not provided for in the

financial statements

-

120,000

16.	RELATED PARTY DISCLOSURES

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

17.	POST BALANCE SHEET EVENTS

Post year end the group was acquired by Lagercrantz Group Aktiebolag a company registered and listed in Sweden.

18.	ULTIMATE CONTROLLING PARTY

The immediate parent company from 20 February 2025 is Lagercrantz Group Aktiebolag, a company registered in Sweden. The registered office and principal place of business of Lagercrantz Group Aktiebolag is Box 3508, SE-103 69 Stockholm, Sweden.

(The previous immediate parent company was Van Leeuwen Test Solutions BV, a company registered in The Netherlands. The registered office and principal place of business of Van Leeuwen Test Solutions BV is Nieuwe Donk 18, 4879 AC Etten-leur, The Netherlands.)

The ultimate controlling party from 20 February 2025 is Lagercrantz AB (previously T Y Van Leeuwen).