Radley Scientific Limited 10423579 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of research and development on natural sciences and engineering. Digita Accounts Production Advanced 6.30.9574.0 true true 10423579 2022-04-01 2023-03-31 10423579 2023-03-31 10423579 bus:OrdinaryShareClass1 2023-03-31 10423579 bus:PreferenceShareClass1 2023-03-31 10423579 core:RetainedEarningsAccumulatedLosses 2023-03-31 10423579 core:ShareCapital 2023-03-31 10423579 core:CurrentFinancialInstruments 2023-03-31 10423579 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10423579 core:Non-currentFinancialInstruments 2023-03-31 10423579 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10423579 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 10423579 core:FurnitureFittingsToolsEquipment 2023-03-31 10423579 core:MotorVehicles 2023-03-31 10423579 core:OtherPropertyPlantEquipment 2023-03-31 10423579 bus:SmallEntities 2022-04-01 2023-03-31 10423579 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10423579 bus:FullAccounts 2022-04-01 2023-03-31 10423579 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10423579 bus:RegisteredOffice 2022-04-01 2023-03-31 10423579 bus:Director1 2022-04-01 2023-03-31 10423579 bus:Director2 2022-04-01 2023-03-31 10423579 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10423579 bus:PreferenceShareClass1 2022-04-01 2023-03-31 10423579 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10423579 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 10423579 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 10423579 core:MotorVehicles 2022-04-01 2023-03-31 10423579 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 10423579 core:PlantMachinery 2022-04-01 2023-03-31 10423579 countries:EnglandWales 2022-04-01 2023-03-31 10423579 2022-03-31 10423579 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 10423579 core:FurnitureFittingsToolsEquipment 2022-03-31 10423579 core:MotorVehicles 2022-03-31 10423579 core:OtherPropertyPlantEquipment 2022-03-31 10423579 2021-04-01 2022-03-31 10423579 2022-03-31 10423579 bus:OrdinaryShareClass1 2022-03-31 10423579 bus:PreferenceShareClass1 2022-03-31 10423579 core:RetainedEarningsAccumulatedLosses 2022-03-31 10423579 core:ShareCapital 2022-03-31 10423579 core:CurrentFinancialInstruments 2022-03-31 10423579 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10423579 core:Non-currentFinancialInstruments 2022-03-31 10423579 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 10423579 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 10423579 core:FurnitureFittingsToolsEquipment 2022-03-31 10423579 core:MotorVehicles 2022-03-31 10423579 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Radley Scientific Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 10423579

 

Radley Scientific Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Radley Scientific Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

69,637

55,730

Tangible assets

5

38,790

34,748

 

108,427

90,478

Current assets

 

Stocks

129,673

67,450

Debtors

6

70,453

100,615

Cash at bank and in hand

 

150

-

 

200,276

168,065

Creditors: Amounts falling due within one year

7

(1,158,886)

(1,084,131)

Net current liabilities

 

(958,610)

(916,066)

Total assets less current liabilities

 

(850,183)

(825,588)

Creditors: Amounts falling due after more than one year

7

(27,907)

(17,375)

Net liabilities

 

(878,090)

(842,963)

Capital and reserves

 

Called up share capital

9

161,000

161,000

Profit and loss account

(1,039,090)

(1,003,963)

Shareholders' deficit

 

(878,090)

(842,963)

 

Radley Scientific Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr R J R Young
Director

.........................................
Dr S M R Young
Director

Company Registration Number: 10423579

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bremridge House
Bremridge Farm
Ashburton
Devon
TQ13 7JX

These financial statements were authorised for issue by the Board on 16 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the 31 March 2023 the company showed an excess of assets over liabilities amounting to £878,090 (2022- £842,963). The directors have confirmed that they will continue to support the company. The accounts have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

33% Reducing balance

Plant and equipment

15% Straight line

High Tech equipment

33% Straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20% Straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after taking due regard for obsolete and slow moving stocks.

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Bank loans;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Patents
 £

Total
£

Cost or valuation

At 1 April 2022

160,934

160,934

Additions

44,929

44,929

At 31 March 2023

205,863

205,863

Amortisation

At 1 April 2022

105,204

105,204

Amortisation charge

31,022

31,022

At 31 March 2023

136,226

136,226

Carrying amount

At 31 March 2023

69,637

69,637

At 31 March 2022

55,730

55,730

The aggregate amount of research and development expenditure recognised as an expense during the period is £120,178 (2022 - £90,700).
 

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Tangible assets

High-Tech equipment
 £

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

69,649

58,701

1,007

129,357

Additions

29,219

144

-

29,363

Disposals

(331)

-

-

(331)

At 31 March 2023

98,537

58,845

1,007

158,389

Depreciation

At 1 April 2022

52,398

41,318

893

94,609

Charge for the year

16,467

8,816

38

25,321

Eliminated on disposal

(331)

-

-

(331)

At 31 March 2023

68,534

50,134

931

119,599

Carrying amount

At 31 March 2023

30,003

8,711

76

38,790

At 31 March 2022

17,251

17,383

114

34,748

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

14,606

69,994

Prepayments

10,145

4,408

Other debtors

45,702

26,213

70,453

100,615

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

18,367

30,993

Trade creditors

 

56,667

22,681

Social security and other taxes

 

7,336

5,854

Other creditors

 

1,071,376

1,019,463

Accrued expenses

 

5,140

5,140

 

1,158,886

1,084,131

Due after one year

 

Loans and borrowings

8

27,907

17,375

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

27,907

17,375

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

27,907

17,375

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,875

8,666

Bank overdrafts

1,492

22,327

18,367

30,993

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Redeemable preference shares of £1 each

160,000

160,000

160,000

160,000

 

161,000

161,000

161,000

161,000

Share option scheme

On 29 October 2019 the company granted an option to acquire shares to seven employees under an approved Enterprise Management Incentive scheme. The option per employee was in respect of 159 Ordinary Shares of £1 each at an exercise price of £1 per shares.