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REGISTERED NUMBER: 02779599 (England and Wales)















Labtech International Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






Labtech International Limited (Registered number: 02779599)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Labtech International Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Dr B J Page
Dr J Nuttall





SECRETARY: Mrs A N I Page





REGISTERED OFFICE: Mytogen House
11 Browning Road
Heathfield
East Sussex
TN21 8DB





REGISTERED NUMBER: 02779599 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Labtech International Limited (Registered number: 02779599)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,916 19,193
Tangible assets 5 168,684 218,134
Investments 6 - 158,801
181,600 396,128

CURRENT ASSETS
Stocks 673,819 383,792
Debtors 7 1,043,271 971,838
Cash at bank and in hand 1,089,272 1,198,900
2,806,362 2,554,530
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

1,780,546

1,252,183
NET CURRENT ASSETS 1,025,816 1,302,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,207,416

1,698,475

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

9

-

(154,167

)

PROVISIONS FOR LIABILITIES (40,768 ) (36,512 )
NET ASSETS 1,166,648 1,507,796

Labtech International Limited (Registered number: 02779599)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 1,165,648 1,506,796
SHAREHOLDERS' FUNDS 1,166,648 1,507,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2023 and were signed on its behalf by:





Dr B J Page - Director


Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Labtech International 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.

Preparation of consolidated financial statements
The financial statements contain information about Labtech International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or sales tax. Revenue is recognised when the order has been fulfilled.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software has been amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 33% on cost
Demo equipment - 20% on cost

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 27 ) .

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022 48,486
Additions 5,840
At 31 March 2023 54,326
AMORTISATION
At 1 April 2022 29,293
Charge for year 12,117
At 31 March 2023 41,410
NET BOOK VALUE
At 31 March 2023 12,916
At 31 March 2022 19,193

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 44,533 419,498 238,252
Additions - 7,818 5,653
Disposals - (59 ) (91 )
At 31 March 2023 44,533 427,257 243,814
DEPRECIATION
At 1 April 2022 44,533 372,995 227,362
Charge for year - 19,337 8,088
Eliminated on disposal - (59 ) (76 )
At 31 March 2023 44,533 392,273 235,374
NET BOOK VALUE
At 31 March 2023 - 34,984 8,440
At 31 March 2022 - 46,503 10,890

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Demo
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 16,324 289,488 1,008,095
Additions - 26,698 40,169
Disposals - (21,993 ) (22,143 )
At 31 March 2023 16,324 294,193 1,026,121
DEPRECIATION
At 1 April 2022 16,324 128,747 789,961
Charge for year - 47,994 75,419
Eliminated on disposal - (7,808 ) (7,943 )
At 31 March 2023 16,324 168,933 857,437
NET BOOK VALUE
At 31 March 2023 - 125,260 168,684
At 31 March 2022 - 160,741 218,134

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022 158,801
Disposals (158,801 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 158,801

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 777,461 798,103
Amounts owed by group undertakings 176,801 105,936
Other debtors 89,009 67,799
1,043,271 971,838

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 50,000
Trade creditors 952,289 603,061
Taxation and social security 209,398 189,682
Other creditors 618,859 409,440
1,780,546 1,252,183

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 154,167

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 7,548 7,548
Between one and five years 1,258 8,807
8,806 16,355

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 204,167

Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed amounts totalling £26,801 (2022 - £105,936) from companies with mutual shareholders. These loans are interest free, unsecured and repayable on demand. During the year the company wrote off £600,000 of debt (2022: £150,000) from a related company.

14. PARENT COMPANY

The company's parent company is Mytogen Limited, a company registered in England and Wales with the registered office address of Mytogen House, 11 Browning Road, Heathfield, East Sussex, England, TN21 8DB.