Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse342023-01-01falsemanufacturing and dealing in scientific instruments30 01390012 2023-01-01 2023-12-31 01390012 2022-01-01 2022-12-31 01390012 2023-12-31 01390012 2022-12-31 01390012 2022-01-01 01390012 1 2023-01-01 2023-12-31 01390012 1 2022-01-01 2022-12-31 01390012 5 2023-01-01 2023-12-31 01390012 5 2022-01-01 2022-12-31 01390012 10 2023-01-01 2023-12-31 01390012 10 2022-01-01 2022-12-31 01390012 d:CompanySecretary1 2023-01-01 2023-12-31 01390012 d:Director1 2023-01-01 2023-12-31 01390012 d:Director2 2023-01-01 2023-12-31 01390012 d:Director3 2023-01-01 2023-12-31 01390012 d:RegisteredOffice 2023-01-01 2023-12-31 01390012 e:PlantMachinery 2023-01-01 2023-12-31 01390012 e:PlantMachinery 2023-12-31 01390012 e:PlantMachinery 2022-12-31 01390012 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01390012 e:MotorVehicles 2023-01-01 2023-12-31 01390012 e:MotorVehicles 2023-12-31 01390012 e:MotorVehicles 2022-12-31 01390012 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01390012 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01390012 e:OtherPropertyPlantEquipment 2023-12-31 01390012 e:OtherPropertyPlantEquipment 2022-12-31 01390012 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01390012 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01390012 e:Goodwill 2023-01-01 2023-12-31 01390012 e:Goodwill 2023-12-31 01390012 e:Goodwill 2022-12-31 01390012 e:CurrentFinancialInstruments 2023-12-31 01390012 e:CurrentFinancialInstruments 2022-12-31 01390012 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01390012 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 01390012 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 01390012 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 01390012 e:UKTax 2023-01-01 2023-12-31 01390012 e:UKTax 2022-01-01 2022-12-31 01390012 e:ShareCapital 2023-12-31 01390012 e:ShareCapital 2022-12-31 01390012 e:ShareCapital 2022-01-01 01390012 e:CapitalRedemptionReserve 2023-12-31 01390012 e:CapitalRedemptionReserve 2022-12-31 01390012 e:CapitalRedemptionReserve 2022-01-01 01390012 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01390012 e:RetainedEarningsAccumulatedLosses 2023-12-31 01390012 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01390012 e:RetainedEarningsAccumulatedLosses 2022-12-31 01390012 e:RetainedEarningsAccumulatedLosses 2022-01-01 01390012 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 01390012 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 01390012 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01390012 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01390012 d:OrdinaryShareClass1 2023-01-01 2023-12-31 01390012 d:OrdinaryShareClass1 2023-12-31 01390012 d:OrdinaryShareClass1 2022-12-31 01390012 d:FRS102 2023-01-01 2023-12-31 01390012 d:Audited 2023-01-01 2023-12-31 01390012 d:FullAccounts 2023-01-01 2023-12-31 01390012 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01390012 e:Subsidiary1 2023-01-01 2023-12-31 01390012 e:Subsidiary1 1 2023-01-01 2023-12-31 01390012 6 2023-01-01 2023-12-31 01390012 e:Associate1 2023-01-01 2023-12-31 01390012 e:Associate1 1 2023-01-01 2023-12-31 01390012 e:Goodwill e:OwnedIntangibleAssets 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01390012













 
COPLEY SCIENTIFIC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
COPLEY SCIENTIFIC LIMITED
 

 
COMPANY INFORMATION


Directors
Mr R J Clayton 
Mr A R Copley 
Mr M A Copley 




Company secretary
Mr M A Copley



Registered number
01390012



Registered office
Colwick Quays Business Park
Private Road No. 2

Colwick

Nottingham

NG4 2JY




Independent auditors
Page Kirk LLP

Chartered accountants and statutory auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB






 
COPLEY SCIENTIFIC LIMITED
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Profit and Loss Account
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Notes to the Financial Statements
15 - 29



 
COPLEY SCIENTIFIC LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity
 
The principal activity of the company is manufacturing and dealing in scientific instruments.

Fair review of the business
 
The Directors are pleased with the performance of the Company during the year. Prospects for the forthcoming year are encouraging.
The Directors consider the Key Performance Indicators to be Turnover, Profitability and Cashflow.
Turnover amounted to £16,017,032 (2022 - £13,872,926). Gross profit margins remain consistent and the directors believe that these are satisfactory under the present circumstances. The increase in revenue is primarily due to general growth in inhaler and pharmaceutical testing as well as market growth through the introduction of innovative products.
To enable growth the Company continues to invest in sales and marketing activities as well as new product development. The Directors are confident in the future results of the business.

Principal risks and uncertainties
 
The material risks facing the Company are considered to arise from any downturn in the Company's traditional markets, interest rate risk, liquidity risk and currency risk.
Traditional Markets
Events on the world stage, such as the war in Ukraine and unrest in the Middle East negatively affect the national and international economic outlook and the COVID-19 pandemic still continues to have an impact. However, the markets in which the Company operates are robust and geographically diverse which puts the Company in a secure position and well placed to continue to grow.
The directors are confident that the Company has adequate resources to continue to operate for the foreseeable future.
Interest Rate Risk
The Company finances its operation through a mixture of retained profits and cash. The Company's exposure to interest fluctuations is at a minimum due to the lack of borrowings.
Liquidity Risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved by ensuring sufficient working capital is on hand.
Currency Risk
The Company is exposed to transaction and translation foreign exchange risk. The Company mitigates translation risk by maintaining bank balances in foreign currencies.

Page 1


 
COPLEY SCIENTIFIC LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 2 July 2024 and signed on its behalf.



................................................
Mr M A Copley
Director

Page 2


 
COPLEY SCIENTIFIC LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £4,923,158 (2022 - £4,402,096).
Dividends paid in the year amounted to £3,000,000 (2022 - £3,582,621).

Directors

The Directors who served during the year were:

Mr R J Clayton - (appointed 17 March 2023)
Mr A R Copley 
Mr M A Copley - Company secretary and director

Objectives and policies

The directors have implemented procedures to minimise risks wherever possible.

Price risk, credit risk, liquidity risk and cash flow risk

The directors feel that the exposure to price risk is minimal, there is a small risk due to foreign exchange rate fluctuations however this is minimised where possible.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

The address of its registered office is:
Colwick Quays Business Park
Private Road No 2
Colwick
Nottingham
Nottinghamshire
NG4 2JY
United Kingdom
 
Page 3


 
COPLEY SCIENTIFIC LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPage Kirk LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 July 2024 and signed on its behalf.
 





................................................
Mr M A Copley
Director

Page 4


 
COPLEY SCIENTIFIC LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


 
COPLEY SCIENTIFIC LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY SCIENTIFIC LIMITED
 

Opinion


We have audited the financial statements of Copley Scientific Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 6


 
COPLEY SCIENTIFIC LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY SCIENTIFIC LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7


 
COPLEY SCIENTIFIC LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY SCIENTIFIC LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations. 
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, the understatement of revenue, and the recoverability of debtors. Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
• Reviewing the recovery of year-end debtors after the balance sheet date
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8


 
COPLEY SCIENTIFIC LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY SCIENTIFIC LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered accountants and statutory auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

2 July 2024
Page 9


 
COPLEY SCIENTIFIC LIMITED
 

 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,017,032
13,872,926

Cost of sales
  
(7,192,727)
(6,687,663)

Gross profit
  
8,824,305
7,185,263

Distribution costs
  
(156,501)
(194,368)

Administrative expenses
  
(2,852,224)
(1,990,859)

Other operating income
 5 
596
-

Operating profit
  
5,816,176
5,000,036

Income from shares in group undertakings
  
-
66,635

Interest receivable and similar income
 9 
35,456
10,325

Interest payable and similar expenses
 10 
-
(25,084)

Other finance income
  
(3,233)
81,947

Profit before tax
  
5,848,399
5,133,859

Tax on profit
 11 
(925,241)
(731,763)

Profit for the financial year
  
4,923,158
4,402,096

There were no recognised gains and losses for 2023 or 2022 other than those included in the profit and loss account.

The notes on pages 15 to 29 form part of these financial statements.

Page 10


 
COPLEY SCIENTIFIC LIMITED
REGISTERED NUMBER:01390012


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
723,126
861,439

Tangible assets
 13 
417,382
428,932

Investments
 14 
130,317
130,317

  
1,270,825
1,420,688

Current assets
  

Stocks
 15 
2,884,295
2,942,486

Debtors: amounts falling due within one year
 16 
1,794,057
1,275,089

Cash at bank and in hand
 17 
3,433,741
3,720,594

  
8,112,093
7,938,169

Creditors: amounts falling due within one year
 18 
(1,788,345)
(3,703,603)

Net current assets
  
 
 
6,323,748
 
 
4,234,566

Total assets less current liabilities
  
7,594,573
5,655,254

Provisions for liabilities
  

Deferred tax
 20 
(77,764)
(61,603)

  
 
 
(77,764)
 
 
(61,603)

Net assets
  
7,516,809
5,593,651


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Capital redemption reserve
  
2,000
2,000

Profit and loss account
  
7,513,809
5,590,651

  
7,516,809
5,593,651


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 July 2024.




................................................
Mr M A Copley
Director

The notes on pages 15 to 29 form part of these financial statements.

Page 11


 
COPLEY SCIENTIFIC LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,000
2,000
5,590,651
5,593,651



Profit for the year
-
-
4,923,158
4,923,158

Dividends: Equity capital
-
-
(3,000,000)
(3,000,000)


At 31 December 2023
1,000
2,000
7,513,809
7,516,809



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1,000
2,000
4,771,176
4,774,176



Profit for the year
-
-
4,402,096
4,402,096

Dividends: Equity capital
-
-
(3,582,621)
(3,582,621)


At 31 December 2022
1,000
2,000
5,590,651
5,593,651


The notes on pages 15 to 29 form part of these financial statements.

Page 12


 
COPLEY SCIENTIFIC LIMITED
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
4,923,158
4,402,096

Adjustments for:

Amortisation of intangible assets
138,313
138,313

Depreciation of tangible assets
84,639
95,811

Loss on disposal of tangible assets
(10,320)
(11,994)

Interest paid
-
25,084

Interest received
(35,456)
(76,960)

Taxation charge
925,241
731,763

Decrease/(increase) in stocks
58,191
(519,927)

(Increase)/decrease in debtors
(848,432)
267,353

(Decrease) in creditors
(1,693,215)
(1,417,828)

(Decrease)/increase in amounts owed to groups
(451,578)
1,712

Corporation tax (paid)
(350,081)
(739,209)

Net cash generated from operating activities

2,740,460
2,896,214


Cash flows from investing activities

Sale of intangible assets
-
150,000

Purchase of tangible fixed assets
(75,176)
-

Sale of tangible fixed assets
12,407
46,347

Interest received
35,456
10,325

Income from investments in related companies
-
66,635

Net cash from investing activities

(27,313)
273,307

Cash flows from financing activities

Dividends paid
(3,000,000)
(3,582,621)

Interest paid
-
(25,084)

Net cash used in financing activities
(3,000,000)
(3,607,705)
Page 13


 
COPLEY SCIENTIFIC LIMITED
 


STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Net (decrease) in cash and cash equivalents
(286,853)
(438,184)

Cash and cash equivalents at beginning of year
3,720,594
4,158,778

Cash and cash equivalents at the end of year
3,433,741
3,720,594


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,433,741
3,720,594


The notes on pages 15 to 29 form part of these financial statements.

Page 14


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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:
Colwick Quays Business Park
Private Road No 2
Colwick
Nottingham
Nottinghamshire
NG4 2JY
United Kingdom
The financial statements were authorised for issue by the Board on 2 July 2024.

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 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

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 405 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the subsidiary undertakings are not material to the group.

 
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 15


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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.

Page 17


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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
-
Over 10 years
Motor vehicles
-
Over 4 years
Other fixed assets
-
Over 20 years

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are set out in note 2 above, the directors are required to make judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions were reviewed on an ongoing basis. No critical judgements have been identified by the directors that have been made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Page 19


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:


2023
2022
£
£

Sale of goods
16,017,032
13,872,926

16,017,032
13,872,926



5.


Other operating income

2023
2022
£
£

Government grants receivable
596
-

596
-



6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
9,640
8,765

Page 20


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,536,617
1,086,046

Social security costs
22,756
1,160

Cost of defined contribution scheme
289,053
39,716

Other employee expense
38,017
30,962

1,886,443
1,157,884


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production and administration
31
27



Management
3
3

34
30


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
194,008
24,000

Contributions paid to money purchase schemes
109,905
1,195

303,913
25,195



9.


Interest receivable

2023
2022
£
£


Other interest receivable
35,456
10,325

35,456
10,325

Page 21


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
25,084

-
25,084


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
909,080
746,355


909,080
746,355


Total current tax
909,080
746,355

Deferred tax


Origination and reversal of timing differences
16,161
(14,592)

Total deferred tax
16,161
(14,592)


Taxation on profit on ordinary activities
925,241
731,763
Page 22


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
5,848,399
5,133,859


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,375,575
975,433

Effects of:


Capital allowances for year in excess of depreciation
35,770
40,193

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
15,452
-

Other timing differences leading to an increase (decrease) in taxation
16,161
(14,592)

Non-taxable income
(140)
-

Decrease from effect of tax incentives
(517,577)
(256,610)

Dividends from UK companies
-
(12,661)

Total tax charge for the year
925,241
731,763

Page 23


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
1,383,137



At 31 December 2023

1,383,137



Amortisation


At 1 January 2023
521,698


Charge for the year on owned assets
138,313



At 31 December 2023

660,011



Net book value



At 31 December 2023
723,126



At 31 December 2022
861,439



Page 24


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,047,724
16,700
-
1,064,424


Additions
-
-
75,176
75,176


Disposals
-
(16,700)
-
(16,700)



At 31 December 2023

1,047,724
-
75,176
1,122,900



Depreciation


At 1 January 2023
621,575
13,917
-
635,492


Charge for the year on owned assets
81,750
696
2,193
84,639


Disposals
-
(14,613)
-
(14,613)



At 31 December 2023

703,325
-
2,193
705,518



Net book value



At 31 December 2023
344,399
-
72,983
417,382



At 31 December 2022
426,149
2,783
-
428,932


14.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
2,317
128,000
130,317



At 31 December 2023
2,317
128,000
130,317




Page 25


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Details of undertakings


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Novi Systems Ltd
Ordinary shares
100%

          Subsidiaries
          The registered office address of Novi Systems Limited is Colwick Quays Business Park, Private Road
          No 2, Colwick, Nottingham, NG4 2JY, United Kingdom.
 


Associate


The following was an associate of the Company:


Name

Class of shares

Holding

Copley Scientific AG
Ordinary Shares
50%

Associates
The registered office address of  Copley Scientific AG is Registered office: Erlenstrasse 27, Postfach 152, Postfach 152, CH4106 Therwil, Switzerland.


15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,456,910
1,326,014

Finished goods and goods for resale
1,427,385
1,616,472

2,884,295
2,942,486


Page 26


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
1,638,416
743,009

Other debtors
89,245
475,116

Prepayments
66,396
56,964

1,794,057
1,275,089



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,433,741
3,720,594

3,433,741
3,720,594



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Gross amounts due to customers for contract work
983,945
1,420,838

Trade creditors
452,464
399,526

Amounts owed to group undertakings
1,389
452,967

Corporation tax
229,535
-

Other creditors
65,697
1,410,347

Accruals and deferred income
55,315
19,925

1,788,345
3,703,603


Page 27


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Financial instruments

2023
2022
£
£

Financial instruments


Financial assets that are debt instruments measured at amortised cost
5,499,539
5,486,857

Financial liabilities measured at amortised cost
1,854,099
3,632,264

7,353,638
9,119,121




20.


Deferred taxation




2023


£






At beginning of year
61,603


Charged to profit or loss
16,161



At end of year
77,764

2023
2022
£
£


Accelerated capital allowances
77,764
61,603

77,764
61,603


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Share Capital share of £1,000.00
1,000
1,000



22.


Contingent liabilities

The Company has a contingent liability of £40,000 (2022 - £40,000) to National Westminster Bank Plc in respect of a Guarantee for that sum made by the Bank in favour HM Revenue & Customs.

Page 28


 
COPLEY SCIENTIFIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £219,278 (2022 - £39,715). At the year end there were unpaid pension contributions amounting to £65,697 (2022 - £10,346).


24.


Related party transactions

Balances owed to directors amount to £NIL (2022 - £1,400,000).


25.


Controlling party

The company is controlled by Mr A R Copley and Mr M A Copley.
The company's immediate parent is Copley Holdings Limited, incorporated in England and Wales.
These financial statements are available upon request from Colwick Quays Business Park, Private Road No 2, Colwick, Nottingham, NG4 2JY

 
Page 29