Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falsesupplier of customised laboratory solutions55truetrue 02552424 2022-01-01 2022-12-31 02552424 2021-01-08 2021-12-31 02552424 2022-12-31 02552424 2021-12-31 02552424 1 2022-01-01 2022-12-31 02552424 d:Director3 2022-01-01 2022-12-31 02552424 c:PlantMachinery 2022-01-01 2022-12-31 02552424 c:PlantMachinery 2022-12-31 02552424 c:PlantMachinery 2021-12-31 02552424 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02552424 c:CurrentFinancialInstruments 2022-12-31 02552424 c:CurrentFinancialInstruments 2021-12-31 02552424 c:Non-currentFinancialInstruments 2022-12-31 02552424 c:Non-currentFinancialInstruments 2021-12-31 02552424 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 02552424 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 02552424 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 02552424 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 02552424 c:ShareCapital 2022-12-31 02552424 c:ShareCapital 2021-12-31 02552424 c:SharePremium 2022-12-31 02552424 c:SharePremium 2021-12-31 02552424 c:RetainedEarningsAccumulatedLosses 2022-12-31 02552424 c:RetainedEarningsAccumulatedLosses 2021-12-31 02552424 d:FRS102 2022-01-01 2022-12-31 02552424 d:Audited 2022-01-01 2022-12-31 02552424 d:FullAccounts 2022-01-01 2022-12-31 02552424 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 02552424 d:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 02552424










LABFLEX LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
LABFLEX LIMITED
REGISTERED NUMBER: 02552424

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,751
-

  
3,751
-

Current assets
  

Stocks
  
23,763
69,777

Debtors: amounts falling due within one year
 6 
1,747,337
1,355,760

Cash at bank and in hand
  
22,959
25,834

  
1,794,059
1,451,371

Creditors: amounts falling due within one year
 7 
(1,145,722)
(1,486,043)

Net current assets/(liabilities)
  
 
 
648,337
 
 
(34,672)

Total assets less current liabilities
  
652,088
(34,672)

Creditors: amounts falling due after more than one year
 8 
(1,500,000)
(839,890)

  

Net liabilities
  
(847,912)
(874,562)


Capital and reserves
  

Called up share capital 
  
180,000
180,000

Share premium account
  
3,999,529
3,999,529

Profit and loss account
  
(5,027,441)
(5,054,091)

  
(847,912)
(874,562)


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 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 23 October 2023.




Mr S L Smith
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The company is a private company limited by shares, registered in England and Wales (no. 02552424). The address of the registered office is Advanced Manufacturing Park, Brunel Way, Catcliffe, Rotherham, S60 5WG, England. The principal activity of the company is a supplier of customised laboratory solutions.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Labflex Limited made a profit in the year ending 31st December 2022 and had a net current assets position at the year end date, however the equity is negative. As reported in note 10 to the financial statements, part of a loan provided by the parent company has been converted into equity after the balance sheet date. This has created a positive equity position which is expected to be maintained into future years.
The directors are of the opinion that the company has adequate working capital to execute its operations over the next 12 months from the date of approval of the accounts. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of the accounts.
This, along with support from the parent company, Labflex A/S, if necessary, will allow the company to continue to meet its obligations as they fall due and operate as a going concern.

 
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.

Page 2

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Amounts recoverable on long-term contracts which are included in debtors are stated at the net sales value of the work done, measured by reference to the stage of completion, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Cumulative costs incurred net of amounts transferred to cost of sales, less provision for contingencies and anticipated future losses on contracts, are included as long-term contract balances in stock.

 
2.5

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.

 
2.6

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.

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. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Plant and machinery
-
33%

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.

  
2.7

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Page 3

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

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 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no judgements or estimates made that have the potential to materially misstate the figures as shown in this set of financial statements. Details of all judgements are set out in the accounting policies.


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 5).

Page 4

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2022
12,551


Additions
4,206



At 31 December 2022

16,757



Depreciation


At 1 January 2022
12,551


Charge for the year on owned assets
455



At 31 December 2022

13,006



Net book value



At 31 December 2022
3,751



At 31 December 2021
-


6.


Debtors

2022
2021
£
£


Trade debtors
610,140
544,016

Other debtors
50,071
89,011

Prepayments and accrued income
12,821
15,316

Amounts recoverable on long-term contracts
1,074,305
707,417

1,747,337
1,355,760



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
1,114,664
1,457,205

Other taxation and social security
12,305
10,520

Accruals and deferred income
18,753
18,318

1,145,722
1,486,043


Page 5

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
1,500,000
839,890

1,500,000
839,890


The amount owed to group undertakings, is repayable by instalments. In years 2 to 5 £nil (2021 - £nil) is repayable, £1,500,000 is repayable in over 5 years.


9.


Related party transactions

The company has a related party relationship with Labflex A/S, its immediate parent company. The company purchased goods from Labflex A/S in the year to 31st December 2022 totaling £318,955 (2021 - £299,586). Labflex Limited was also charged £12,435 (2021 - £13,939) for administration services by Labflex A/S.
Labflex Limited has a loan from Labflex A/S, as at 31st December 2022 the balance on the loan was £1,500,000 (2021 - £839,890). The amount of interest charged during the year was £37,778 (2021 - £43,552).
At the balance sheet date £622,199 (2021 - £1,107,933) was owed, this is included within trade creditors.


10.


Post balance sheet events

On 9 October 2023, £1,335,000 of a loan with the parent company was converted into equity being the issue of 20,000 £1 ordinary shares at a premium of £65.75 per share. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 23 October 2023 by Ross Preston CA (Senior Statutory Auditor) on behalf of Sagars Accountants Ltd.


Page 6