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Registration number: 07664788

Richard Lane Science Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Richard Lane Science Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

Richard Lane Science Ltd

Company Information

Directors

Mr Richard Lane

Mrs Maureen Ann Lane

Registered office

The Mews
Queen Street
Colyton
Devon
EX24 6JU

Accountants

CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Richard Lane Science Ltd
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Richard Lane Science Ltd for the year ended 30 June 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of International Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Richard Lane Science Ltd, 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 Richard Lane Science Ltd and state those matters that we have agreed to state to the Board of Directors of Richard Lane Science Ltd, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richard Lane Science Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Richard Lane Science Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Richard Lane Science Ltd. You consider that Richard Lane Science Ltd 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 Richard Lane Science Ltd. 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.




CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

11 March 2024

 

Richard Lane Science Ltd

(Registration number: 07664788)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,549

2,584

Current assets

 

Debtors

5

2,011

-

Cash at bank and in hand

 

4,015

21,662

 

6,026

21,662

Creditors: Amounts falling due within one year

(2,927)

(5,925)

Net current assets

 

3,099

15,737

Total assets less current liabilities

 

5,648

18,321

Provisions for liabilities

(481)

(168)

Accruals and deferred income

 

(810)

(810)

Net assets

 

4,357

17,343

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

4,355

17,341

Shareholders' funds

 

4,357

17,343

For the financial year ending 30 June 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

 

Richard Lane Science Ltd

(Registration number: 07664788)
Abridged Balance Sheet as at 30 June 2023


Mr Richard Lane
Director


Mrs Maureen Ann Lane
Director

 

Richard Lane Science Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
The Mews
Queen Street
Colyton
Devon
EX24 6JU
England

The principal place of business is:
Stonewall Holt
The Street
Kilmington
Devon
EX13 7RW
United Kingdom

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 abridged 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 abridged 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.

 

Richard Lane Science Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

20% Straight Line Basis

Fixtures and fittings

10% Straight Line Basis

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.

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.

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.

 

Richard Lane Science Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

471

6,444

6,915

Additions

814

-

814

At 30 June 2023

1,285

6,444

7,729

Depreciation

At 1 July 2022

272

4,059

4,331

Charge for the year

253

596

849

At 30 June 2023

525

4,655

5,180

Carrying amount

At 30 June 2023

760

1,789

2,549

At 30 June 2022

199

2,385

2,584

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

2

2

2

2

       
 

Richard Lane Science Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

7

Dividends

2023

2022

£

£

Interim dividend of £2,000.00 (2022 - £4,500.00) per ordinary share

4,000

9,000