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REGISTERED NUMBER: SC098172 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

AITKEN LABORATORIES LIMITED

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AITKEN LABORATORIES LIMITED

COMPANY INFORMATION
for the year ended 31 July 2023







DIRECTORS: Mr J Aitken
Mrs V Aitken





SECRETARY: Mrs V Aitken





REGISTERED OFFICE: Castlehill House
Bank Street
Slamannan
Falkirk
FK1 3EZ





REGISTERED NUMBER: SC098172 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Wallace House
Maxwell Place
Stirling
FK8 1JU

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 26,943 26,943
Tangible assets 5 386,822 557,672
Investments 6 - 1,025,805
Investment property 7 - 2,400,001
413,765 4,010,421

CURRENT ASSETS
Debtors 8 938,956 713,029
Cash at bank 559,599 2,598,432
1,498,555 3,311,461
CREDITORS
Amounts falling due within one year 9 545,850 470,592
NET CURRENT ASSETS 952,705 2,840,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,366,470

6,851,290

PROVISIONS FOR LIABILITIES 10 67,910 93,582
NET ASSETS 1,298,560 6,757,708

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,298,460 6,757,608
SHAREHOLDERS' FUNDS 1,298,560 6,757,708

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

BALANCE SHEET - continued
31 July 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 December 2023 and were signed on its behalf by:





Mr J Aitken - Director


AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Aitken Laboratories Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable in relation to site investigation services, excluding value added tax.

INTANGIBLE ASSETS
Intangible assets are initially recorded at cost. They are not amortised as the residual value is expected to be higher than the cost.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Heritable property - 5% per annum reducing balance
Improvements to property - 5% per annum reducing balance
Plant and machinery - 25% per annum reducing balance and 15% per annum reducing balance
Fixtures and fittings - 20% per annum on cost
Motor vehicles - 25% per annum reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

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 non-puttable 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 comprehensive income.

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.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

OTHER INVESTMENTS
Other investments are held at fair value which is based on the prevailing market price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 23 ) .

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

4. INTANGIBLE FIXED ASSETS
Cherished
plates
£   
COST
At 1 August 2022
and 31 July 2023 26,943
NET BOOK VALUE
At 31 July 2023 26,943
At 31 July 2022 26,943

5. TANGIBLE FIXED ASSETS
Improvements
Heritable to Plant and
property property machinery
£    £    £   
COST
At 1 August 2022 337,270 - 375,971
Additions 714 - 14,139
Disposals (190,650 ) - (83,346 )
Reclassification/transfer (147,334 ) 147,334 -
At 31 July 2023 - 147,334 306,764
DEPRECIATION
At 1 August 2022 58,760 - 260,327
Charge for year 13,925 - 18,378
Eliminated on disposal (35,364 ) - (80,455 )
Reclassification/transfer (37,321 ) 37,321 -
At 31 July 2023 - 37,321 198,250
NET BOOK VALUE
At 31 July 2023 - 110,013 108,514
At 31 July 2022 278,510 - 115,644

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 August 2022 1,641 365,208 1,080,090
Additions - 59,855 74,708
Disposals (1,641 ) (17,732 ) (293,369 )
Reclassification/transfer - - -
At 31 July 2023 - 407,331 861,429
DEPRECIATION
At 1 August 2022 667 202,664 522,418
Charge for year 312 52,773 85,388
Eliminated on disposal (979 ) (16,401 ) (133,199 )
Reclassification/transfer - - -
At 31 July 2023 - 239,036 474,607
NET BOOK VALUE
At 31 July 2023 - 168,295 386,822
At 31 July 2022 974 162,544 557,672

The company transferred land and property to a parent company undertaking as part of a distribution in specie during the year. As a result no proceeds were received in connection with the transfer.

Improvement works to property used by the company have been reclassified from 'Heritable property' to 'Property improvements' as the company does not own the premises.

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Valuation brought forward 1,025,805 587,464
Additions 98,589 360,595
Change in value during the
year 102,711 77,746
Disposals (1,227,105 ) -
- 1,025,805

The company transferred investments to a parent company undertaking as part of a distribution in specie during the year. As a result no proceeds were received in connection with the transfer.

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 2,400,001
Additions 13,008
Disposals (2,640,001 )
Revaluations 226,992
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 2,400,001

The company transferred property to a parent company undertaking as part of a distribution in specie during the year. As a result no proceeds were received in connection with the transfer.


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 898,941 670,810
Other debtors 40,015 42,219
938,956 713,029

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 229,306 88,243
Taxation and social security 292,512 234,557
Other creditors 24,032 147,792
545,850 470,592

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 67,910 68,150
Revalued assets - 25,432
67,910 93,582

AITKEN LABORATORIES LIMITED (REGISTERED NUMBER: SC098172)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 93,582
Credit to Income Statement during year (25,672 )
Balance at 31 July 2023 67,910

11. RELATED PARTY DISCLOSURES

Included within "Other creditors" are loans of £Nil (2022: £131,420) due to the directors. These loans are interest free and were repaid in full during the year.

12. SHARE RESTRUCTURE

On 23rd August 2022 a 'share for share' exchange was entered into with the shareholders of John Aitken Ltd creating a group structure.