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REGISTERED NUMBER: SC230837 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Impact Laboratories Limited

Impact Laboratories Limited (Registered number: SC230837)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Impact Laboratories Limited (Registered number: SC230837)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,026,194 3,784,695
Investments 5 158,833 158,833
4,185,027 3,943,528

CURRENT ASSETS
Debtors 6 1,121,490 1,164,943
Cash at bank and in hand 150,861 276,244
1,272,351 1,441,187
CREDITORS
Amounts falling due within one year 7 (581,641 ) (699,031 )
NET CURRENT ASSETS 690,710 742,156
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,875,737

4,685,684

CREDITORS
Amounts falling due after more than one year 8 (1,617,363 ) (1,682,258 )

PROVISIONS FOR LIABILITIES (172,280 ) (123,001 )
NET ASSETS 3,086,094 2,880,425

CAPITAL AND RESERVES
Called up share capital 43,220 43,220
Share premium 1,496 1,496
Capital redemption reserve 27,350 27,350
Retained earnings 3,014,028 2,808,359
SHAREHOLDERS' FUNDS 3,086,094 2,880,425

Impact Laboratories Limited (Registered number: SC230837)

Balance Sheet - continued
31 December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 11 March 2024 and were signed on its behalf by:





Mr K V Ross - Director


Impact Laboratories Limited (Registered number: SC230837)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Impact Laboratories Limited is a private company, limited by shares, domiciled in Scotland, registration number SC230837. The registered office is Impact Technology Centre, Fraser Road, Kirkton Campus, Livingston, EH54 7BU.

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.

Turnover
Turnover represents net invoiced sales of goods and services in respect of technical consulting, testing and outsourcing business, excluding value added tax. Sales are recognised at the point which the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

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.

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

Impact Laboratories Limited (Registered number: SC230837)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Hire purchase and leasing commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet at their fair value and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions
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.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 35 ) .

Impact Laboratories Limited (Registered number: SC230837)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 3,136,180 1,480,707 4,616,887
Additions 45,953 428,510 474,463
At 31 December 2023 3,182,133 1,909,217 5,091,350
DEPRECIATION
At 1 January 2023 - 832,192 832,192
Charge for year 63,643 169,321 232,964
At 31 December 2023 63,643 1,001,513 1,065,156
NET BOOK VALUE
At 31 December 2023 3,118,490 907,704 4,026,194
At 31 December 2022 3,136,180 648,515 3,784,695

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 456,759
Additions 358,904
Transfer to ownership (177,619 )
At 31 December 2023 638,044
DEPRECIATION
At 1 January 2023 101,798
Charge for year 85,862
Transfer to ownership (73,366 )
At 31 December 2023 114,294
NET BOOK VALUE
At 31 December 2023 523,750
At 31 December 2022 354,961

Impact Laboratories Limited (Registered number: SC230837)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 158,833
NET BOOK VALUE
At 31 December 2023 158,833
At 31 December 2022 158,833

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 223,762 292,540
Amounts owed by related parties 219,789 136,767
Other debtors 677,939 735,636
1,121,490 1,164,943

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 195,802 235,049
Hire purchase contracts 115,334 67,266
Trade creditors 66,380 21,850
Taxation and social security 81,399 75,264
Other creditors 122,726 299,602
581,641 699,031

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 1,292,056 1,448,611
Hire purchase contracts 325,307 141,980
Other creditors - 91,667
1,617,363 1,682,258

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 778,727 687,492

Impact Laboratories Limited (Registered number: SC230837)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 440,641 209,246
Bank loans 1,033,253 1,084,158
1,473,894 1,293,404

Hire purchase contracts are secured on the assets to which they relate.

In respect of the loan provided by Bank of Scotland, there is a standard security held over the freehold property and a floating charge over all other assets held by the company.

10. RELATED PARTY DISCLOSURES

At the year end, the company was due £219,789 from companies under common control (2022:£136,767)