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Registered number: 10764141 R AND D SPECIALISTS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
R AND D SPECIALISTS LIMITED REGISTERED NUMBER: 10764141 STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 27,945 |  | 45,803
Tangible assets | 5 |  | 56,078 |  | 77,095
|  |  | 84,023 |  | 122,898
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,200,079 |  | 3,151,332 |
Cash at bank and in hand | 7 | 8,552 |  | 52,870 |
|  | 3,208,631 |  | 3,204,202 |
Creditors: amounts falling due within one year | 8 | (513,257) |  | (371,985) |
Net current assets |  |  | 2,695,374 |  | 2,832,217
Total assets less current liabilities |  |  | 2,779,397 |  | 2,955,115
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | - |  | (13,513) |
|  |  | - |  | (13,513)
Net assets |  |  | 2,779,397 |  | 2,941,602
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1,000 |  | 1,000
Profit and loss account |  |  | 2,778,397 |  | 2,940,602
|  |  | 2,779,397 |  | 2,941,602
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 10 February 2026. Page 1
R AND D SPECIALISTS LIMITED REGISTERED NUMBER: 10764141 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MAY 2025
M. J. M. Joyner
Director
The notes on pages 5 to 13 form part of these financial statements. Page 2
R AND D SPECIALISTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 June 2024 | 1,000 | 2,940,602 | 2,941,602
Comprehensive income for the year |  |  |
Loss for the year | - | (162,205) | (162,205)
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | (162,205) | (162,205)
Total transactions with owners | - | - | -
At 31 May 2025 | 1,000 | 2,778,397 | 2,779,397
| The notes on pages 5 to 13 form part of these financial statements.
Page 3
R AND D SPECIALISTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 June 2023 | 1,000 | 3,360,294 | 3,361,294
Comprehensive income for the year |  |  |
Loss for the year | - | (419,692) | (419,692)
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | (419,692) | (419,692)
Total transactions with owners | - | - | -
At 31 May 2024 | 1,000 | 2,940,602 | 2,941,602
| The notes on pages 5 to 13 form part of these financial statements.
Page 4
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
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
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.
| 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 5
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 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 6
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 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. The estimated useful lives range as follows:
|  |  |  | Development expenditure | - | 3 | 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. Page 7
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 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.
| 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:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Payroll | 26 | 26
Page 8
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 June 2024 | 91,286
| Additions | 4,700
| At 31 May 2025 | 95,986
| Amortisation |
| At 1 June 2024 | 45,483
| Charge for the year on owned assets | 22,559
| At 31 May 2025 | 68,042
| Net book value |
| At 31 May 2025 | 27,944
| At 31 May 2024 | 45,803
Page 9
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 June 2024 | 86,557 | 95,448 | 182,005
| Additions | 2,921 | 2,188 | 5,109
| At 31 May 2025 | 89,478 | 97,636 | 187,114
| Depreciation |  |  |
| At 1 June 2024 | 56,185 | 48,725 | 104,910
| Charge for the year on owned assets | 10,768 | 15,358 | 26,126
| At 31 May 2025 | 66,953 | 64,083 | 131,036
| Net book value |  |  |
| At 31 May 2025 | 22,525 | 33,553 | 56,078
| At 31 May 2024 | 30,371 | 46,724 | 77,095
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 83,591 | 239,873
| Amounts owed by group undertakings | 2,430,135 | 2,428,538
| Other debtors | 110,591 | 112,255
| Prepayments and accrued income | 558,898 | 370,666
| Deferred taxation | 16,864 | -
|  | 3,200,079 | 3,151,332
Page 10
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 8,552 | 52,870
| Less: bank overdrafts | - | (947)
|  | 8,552 | 51,923
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 947
| Trade creditors | 104,556 | 46,321
| Amounts owed to group undertakings | 17,503 | -
| Other taxation and social security | 75,548 | 68,455
| Other creditors | 103,772 | 10,774
| Accruals and deferred income | 211,878 | 245,488
|  | 513,257 | 371,985
Page 11
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (13,513)
| Charged to profit or loss | 30,377
| At end of year | 16,864
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (12,896) | (18,552)
| Tax losses carried forward | 28,035 | -
| Short term timing differences | 1,725 | 5,039
|  | 16,864 | (13,513)
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 £29,238 (2024 - £92,587). Contributions totalling £8,771 (2024 - £6,154) were payable to the fund at the reporting date and are included in creditors.
11. | Commitments under operating leases
| At 31 May 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 37,333 | 12,800
| Later than 1 year and not later than 5 years | 16,000 | 5,333
|  | 53,333 | 18,133
Page 12
R AND D SPECIALISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 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 2025 was £3,766,991 (2024 - £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. During the year, the company received a £95,000 loan from its director and this loan remained outstanding as at 31 May 2025.
14. | Controlling party
The company is a wholly owned subsidiary of Business Support Experts Limited, a company registered in England and Wales. The registered off of Business Support Experts Limited is Suite 10 Kings Court, Railway Street, Altrincham, WA14 2RD.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 May 2025 was unqualified. The audit report was signed on 10 February 2026 by Simon Whalley (Senior statutory auditor) on behalf of Langtons Professional Services Limited.
Page 13