M.R.S. SCIENTIFIC LIMITED 03217552 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Distribution of Scientific and Laboratory Equipment Digita Accounts Production Advanced 6.30.9574.0 true true 03217552 2022-08-01 2023-07-31 03217552 2023-07-31 03217552 bus:Director6 2023-07-31 03217552 bus:OrdinaryShareClass1 2023-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2023-07-31 03217552 core:ShareCapital 2023-07-31 03217552 core:CurrentFinancialInstruments 2023-07-31 03217552 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03217552 core:Non-currentFinancialInstruments 2023-07-31 03217552 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03217552 core:FurnitureFittingsToolsEquipment 2023-07-31 03217552 core:LandBuildings 2023-07-31 03217552 bus:SmallEntities 2022-08-01 2023-07-31 03217552 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03217552 bus:FullAccounts 2022-08-01 2023-07-31 03217552 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03217552 bus:RegisteredOffice 2022-08-01 2023-07-31 03217552 bus:CompanySecretaryDirector1 2022-08-01 2023-07-31 03217552 bus:Director2 2022-08-01 2023-07-31 03217552 bus:Director3 2022-08-01 2023-07-31 03217552 bus:Director4 2022-08-01 2023-07-31 03217552 bus:Director5 2022-08-01 2023-07-31 03217552 bus:Director6 2022-08-01 2023-07-31 03217552 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 03217552 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03217552 bus:Agent1 2022-08-01 2023-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 03217552 core:ShareCapital 2022-08-01 2023-07-31 03217552 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03217552 core:LandBuildings 2022-08-01 2023-07-31 03217552 core:PlantMachinery 2022-08-01 2023-07-31 03217552 countries:England 2022-08-01 2023-07-31 03217552 2022-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2022-07-31 03217552 core:ShareCapital 2022-07-31 03217552 core:FurnitureFittingsToolsEquipment 2022-07-31 03217552 core:LandBuildings 2022-07-31 03217552 2021-08-01 2022-07-31 03217552 2022-07-31 03217552 bus:OrdinaryShareClass1 2022-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2022-07-31 03217552 core:ShareCapital 2022-07-31 03217552 core:CurrentFinancialInstruments 2022-07-31 03217552 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03217552 core:Non-currentFinancialInstruments 2022-07-31 03217552 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 03217552 core:FurnitureFittingsToolsEquipment 2022-07-31 03217552 core:LandBuildings 2022-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 03217552 core:ShareCapital 2021-08-01 2022-07-31 03217552 2021-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2021-07-31 03217552 core:ShareCapital 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03217552

M.R.S. SCIENTIFIC LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

M.R.S. SCIENTIFIC LIMITED

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 15

 

M.R.S. SCIENTIFIC LIMITED

Company Information

Directors

Luke Andrew Smith

Brett Michael Smith

Anthony Craig Smith

Caroline Margaret Miles

Michael Robert Smith

Company secretary

Luke Andrew Smith

Registered office

5 Pilot Close
Fulmar Way
Wickford
Essex
SS11 8YW

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

M.R.S. SCIENTIFIC LIMITED

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Luke Andrew Smith - Company secretary and director

Brett Michael Smith

Anthony Craig Smith

Caroline Margaret Miles

Michael Robert Smith

Lesley Ann Smith (ceased 1 August 2022)

Principal activity

The principal activity of the company is Distribution of Scientific and Laboratory Equipment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Michael Robert Smith
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M.R.S. SCIENTIFIC LIMITED
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M.R.S. SCIENTIFIC LIMITED for the year ended 31 July 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of M.R.S. SCIENTIFIC LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that M.R.S. SCIENTIFIC LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that M.R.S. SCIENTIFIC LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

21 February 2024

 

M.R.S. SCIENTIFIC LIMITED

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

4,450,767

3,655,159

Cost of sales

 

(3,552,874)

(2,900,906)

Gross profit

 

897,893

754,253

Administrative expenses

 

(567,835)

(440,558)

Operating profit

 

330,058

313,695

Interest payable and similar expenses

 

(2,924)

(3,865)

Profit before tax

327,134

309,830

Tax on profit

 

(69,810)

(59,934)

Profit for the financial year

 

257,324

249,896

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

M.R.S. SCIENTIFIC LIMITED

(Registration number: 03217552)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

154,345

159,553

Investment property

5

244,734

244,734

 

399,079

404,287

Current assets

 

Stocks

6

343,189

190,797

Debtors

7

500,531

453,550

Cash at bank and in hand

 

1,000,862

689,729

 

1,844,582

1,334,076

Creditors: Amounts falling due within one year

8

(1,106,836)

(646,096)

Net current assets

 

737,746

687,980

Total assets less current liabilities

 

1,136,825

1,092,267

Creditors: Amounts falling due after more than one year

8

-

(112,766)

Net assets

 

1,136,825

979,501

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,136,725

979,401

Shareholders' funds

 

1,136,825

979,501

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

M.R.S. SCIENTIFIC LIMITED

(Registration number: 03217552)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Michael Robert Smith
Director

 

M.R.S. SCIENTIFIC LIMITED

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

979,401

979,501

Profit for the year

-

257,324

257,324

Dividends

-

(100,000)

(100,000)

At 31 July 2023

100

1,136,725

1,136,825

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

2

869,005

869,007

Profit for the year

-

249,896

249,896

Dividends

-

(139,500)

(139,500)

New share capital subscribed

98

-

98

At 31 July 2022

100

979,401

979,501

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
5 Pilot Close
Fulmar Way
Wickford
Essex
SS11 8YW
England

These financial statements were authorised for issue by the Board on 21 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

The financial statements have 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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Tax

The tax expense for the period comprises current 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 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 taxable income.

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

Land and buildings

2% on cost

Plant and machinery etc

25% on reducing balance

Fixtures and fittings

20% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 14).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

179,138

86,786

265,924

At 31 July 2023

179,138

86,786

265,924

Depreciation

At 1 August 2022

27,714

78,657

106,371

Charge for the year

3,582

1,626

5,208

At 31 July 2023

31,296

80,283

111,579

Carrying amount

At 31 July 2023

147,842

6,503

154,345

At 31 July 2022

151,424

8,129

159,553

Included within the net book value of land and buildings above is £147,842 (2022 - £151,424) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 August

244,734

At 31 July

244,734

There has been no valuation of investment property by an independent valuer.

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Stocks

2023
£

2022
£

Other inventories

343,189

190,797

7

Debtors

Current

2023
£

2022
£

Trade debtors

427,068

389,307

Prepayments

20,817

29,181

Other debtors

52,646

35,062

 

500,531

453,550

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

8,453

Trade creditors

 

283,456

334,171

Taxation and social security

 

111,946

82,878

Accruals and deferred income

 

5,500

-

Other creditors

 

705,934

220,594

 

1,106,836

646,096

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

121,219

Deferred income

 

-

(8,453)

 

-

112,766

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

121,219

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

8,453

11

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £1,000.00 (2022 - £1,395.00) per ordinary share

 

100,000

 

139,500

         

12

Related party transactions

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

216,072

163,933