Caseware UK (AP4) 2016.0.181 2016.0.181 2018-08-312018-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-09-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. 07002427 2017-09-01 2018-08-31 07002427 2016-09-01 2017-08-31 07002427 2018-08-31 07002427 2017-08-31 07002427 2016-09-01 07002427 c:Director2 2017-09-01 2018-08-31 07002427 d:Buildings d:ShortLeaseholdAssets 2017-09-01 2018-08-31 07002427 d:Buildings d:ShortLeaseholdAssets 2018-08-31 07002427 d:Buildings d:ShortLeaseholdAssets 2017-08-31 07002427 d:PlantMachinery 2017-09-01 2018-08-31 07002427 d:PlantMachinery 2018-08-31 07002427 d:PlantMachinery 2017-08-31 07002427 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 07002427 d:OfficeEquipment 2017-09-01 2018-08-31 07002427 d:OfficeEquipment 2018-08-31 07002427 d:OfficeEquipment 2017-08-31 07002427 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 07002427 d:OtherPropertyPlantEquipment 2017-09-01 2018-08-31 07002427 d:OtherPropertyPlantEquipment 2018-08-31 07002427 d:OtherPropertyPlantEquipment 2017-08-31 07002427 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 07002427 d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 07002427 d:Goodwill 2017-09-01 2018-08-31 07002427 d:Goodwill 2018-08-31 07002427 d:Goodwill 2017-08-31 07002427 d:CurrentFinancialInstruments 2018-08-31 07002427 d:CurrentFinancialInstruments 2017-08-31 07002427 d:CurrentFinancialInstruments d:WithinOneYear 2018-08-31 07002427 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 07002427 d:ShareCapital 2018-08-31 07002427 d:ShareCapital 2017-08-31 07002427 d:ShareCapital 2016-09-01 07002427 d:RetainedEarningsAccumulatedLosses 2017-09-01 2018-08-31 07002427 d:RetainedEarningsAccumulatedLosses 2018-08-31 07002427 d:RetainedEarningsAccumulatedLosses 2016-09-01 2017-08-31 07002427 d:RetainedEarningsAccumulatedLosses 2017-08-31 07002427 d:RetainedEarningsAccumulatedLosses 2016-09-01 07002427 d:AcceleratedTaxDepreciationDeferredTax 2018-08-31 07002427 d:AcceleratedTaxDepreciationDeferredTax 2017-08-31 07002427 c:FRS102 2017-09-01 2018-08-31 07002427 c:AuditExempt-NoAccountantsReport 2017-09-01 2018-08-31 07002427 c:FullAccounts 2017-09-01 2018-08-31 07002427 c:PrivateLimitedCompanyLtd 2017-09-01 2018-08-31 iso4217:GBP xbrli:pure

Registered number: 07002427










LABFAX LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

 
LABFAX LIMITED
REGISTERED NUMBER: 07002427

BALANCE SHEET
AS AT 31 AUGUST 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
71,297
66,130

  
71,298
66,131

Current assets
  

Stocks
 6 
93,327
73,777

Debtors: amounts falling due within one year
 7 
450,164
338,377

Cash at bank and in hand
 8 
53,440
25,918

  
596,931
438,072

Creditors: amounts falling due within one year
 9 
(571,929)
(452,430)

Net current assets/(liabilities)
  
 
 
25,002
 
 
(14,358)

Total assets less current liabilities
  
96,300
51,773

Provisions for liabilities
  

Deferred tax
 10 
(13,546)
(12,565)

  
 
 
(13,546)
 
 
(12,565)

Net assets
  
82,754
39,208


Capital and reserves
  

Called up share capital 
  
30
30

Profit and loss account
  
82,724
39,178

  
82,754
39,208


Page 1

 
LABFAX LIMITED
REGISTERED NUMBER: 07002427
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2018

The directors consider 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 Companies Act 2006.

The directors acknowledge their 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 profit and loss account 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 by: 




C Radnor
Director

Date: 8 November 2018

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
LABFAX LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2018


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2016
30
129,911
129,941


Comprehensive income for the year

Profit for the year

-
129,267
129,267


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
129,267
129,267

Dividends: Equity capital
-
(220,000)
(220,000)


Total transactions with owners
-
(220,000)
(220,000)



At 1 September 2017
30
39,178
39,208


Comprehensive income for the year

Profit for the year

-
231,046
231,046


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
231,046
231,046

Dividends: Equity capital
-
(187,500)
(187,500)


Total transactions with owners
-
(187,500)
(187,500)


At 31 August 2018
30
82,724
82,754

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

1.


General information

Labfax Limited is a private company, limited by shares, incorporated in England and Wales with it's registered office and principal place of buiness at Unit 4, Hortonwood 32, Telford, England, TF1 7EU.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the basis the directors will continue to support the company.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and loss account within 'other operating income'.

Page 4

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Profit and loss account 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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 September 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

Page 5

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to the Profit and loss account 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.

 
2.8

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 the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet 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 Balance sheet 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 balance sheet date.

Page 6

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.

Other 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.

 
2.11

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.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the period of the lease
Plant and machinery
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
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 the Profit and loss account.

 
2.12

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 outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

Page 7

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Page 8

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)


2.17
Financial instruments (continued)


 
2.18

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2017 - 10).


4.


Intangible assets




Goodwill

£



Cost


At 1 September 2017
1



At 31 August 2018

1






Net book value



At 31 August 2018
1



At 31 August 2017
1

Page 9

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2017
6,971
59,622
61,595
26,444
154,632


Additions
-
226
22,957
3,041
26,224



At 31 August 2018

6,971
59,848
84,552
29,485
180,856



Depreciation


At 1 September 2017
6,971
39,075
24,004
18,451
88,501


Charge for the year on owned assets
-
4,155
12,110
4,793
21,058



At 31 August 2018

6,971
43,230
36,114
23,244
109,559



Net book value



At 31 August 2018
-
16,618
48,438
6,241
71,297



At 31 August 2017
-
20,547
37,591
7,992
66,130


6.


Stocks

2018
2017
£
£

Stocks
93,327
73,777

93,327
73,777


Page 10

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

7.


Debtors

2018
2017
£
£


Trade debtors
313,030
218,326

Other debtors
129,840
117,757

Prepayments and accrued income
7,294
2,294

450,164
338,377



8.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
53,440
25,918

53,440
25,918



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
225,925
170,329

Bills of exchange
208,367
182,162

Corporation tax
53,213
29,943

Other taxation and social security
68,348
50,524

Other creditors
2,780
5,991

Accruals and deferred income
13,296
13,481

571,929
452,430


Page 11

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

10.


Deferred taxation




2018


£






At beginning of year
(12,565)


Charged to profit or loss
(981)



At end of year
(13,546)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(13,546)
(12,565)

(13,546)
(12,565)


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund in the year and amounted to £1,581 (2017: £1,179).

Page 12