Company registration number 00886418 (England and Wales)
SCIENTIFIC GLASS LABORATORIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SCIENTIFIC GLASS LABORATORIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SCIENTIFIC GLASS LABORATORIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
252,212
253,166
Investments
5
8,000
8,000
260,212
261,166
Current assets
Stocks
145,803
160,954
Debtors
6
352,357
415,520
Investments
7
1,776
3,713
Cash at bank and in hand
281,491
356,459
781,427
936,646
Creditors: amounts falling due within one year
8
(562,552)
(565,792)
Net current assets
218,875
370,854
Total assets less current liabilities
479,087
632,020
Creditors: amounts falling due after more than one year
9
(12,423)
(21,697)
Provisions for liabilities
(13,864)
(14,046)
Net assets
452,800
596,277
Capital and reserves
Called up share capital
3,000
3,000
Revaluation reserve
177,789
177,789
Capital redemption reserve
72
72
Profit and loss reserves
271,939
415,416
Total equity
452,800
596,277

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SCIENTIFIC GLASS LABORATORIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 August 2024
Mr M M Ruane
Director
Company registration number 00886418 (England and Wales)
SCIENTIFIC GLASS LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Scientific Glass Laboratories Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2, Albion House, 2 Etruria Office Village, Forge Lane, Etruria, Stoke on Trent, Staffordshire, ST1 5RQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Not depreciated
Plant and equipment
15% on reducing balance
Computers
15% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SCIENTIFIC GLASS LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SCIENTIFIC GLASS LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
11
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
250,000
73,030
323,030
Additions
-
0
194
194
At 31 March 2024
250,000
73,224
323,224
Depreciation and impairment
At 1 April 2023
-
0
69,864
69,864
Depreciation charged in the year
-
0
1,148
1,148
At 31 March 2024
-
0
71,012
71,012
Carrying amount
At 31 March 2024
250,000
2,212
252,212
At 31 March 2023
250,000
3,166
253,166

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land & Buildings
2024
2023
£
£
Cost
58,767
58,767
Accumulated depreciation
(28,800)
(27,200)
Carrying value
29,967
31,567
SCIENTIFIC GLASS LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
8,000
8,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
343,149
403,853
Other debtors
9,208
11,667
352,357
415,520
7
Current asset investments
2024
2023
£
£
Other investments
1,776
3,713
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,977
10,648
Trade creditors
68,846
65,594
Taxation and social security
242,757
192,716
Other creditors
240,972
296,834
562,552
565,792
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,423
21,697

Included within other creditors are factored debts totalling £234,429 (2023: £293,171) which are secured by a fixed and floating charge over the undertaking and all assets present and future.

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