Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falsemechanical and electrical engineers specialising in the installation and maintenance of laboratory equipment.88trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02513825 2023-01-01 2023-12-31 02513825 2022-01-01 2022-12-31 02513825 2023-12-31 02513825 2022-12-31 02513825 c:Director1 2023-01-01 2023-12-31 02513825 c:Director3 2023-01-01 2023-12-31 02513825 d:MotorVehicles 2023-01-01 2023-12-31 02513825 d:MotorVehicles 2023-12-31 02513825 d:MotorVehicles 2022-12-31 02513825 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02513825 d:FurnitureFittings 2023-01-01 2023-12-31 02513825 d:FurnitureFittings 2023-12-31 02513825 d:FurnitureFittings 2022-12-31 02513825 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02513825 d:OfficeEquipment 2023-01-01 2023-12-31 02513825 d:OfficeEquipment 2023-12-31 02513825 d:OfficeEquipment 2022-12-31 02513825 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02513825 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02513825 d:CurrentFinancialInstruments 2023-12-31 02513825 d:CurrentFinancialInstruments 2022-12-31 02513825 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02513825 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02513825 d:ShareCapital 2023-12-31 02513825 d:ShareCapital 2022-12-31 02513825 d:RetainedEarningsAccumulatedLosses 2023-12-31 02513825 d:RetainedEarningsAccumulatedLosses 2022-12-31 02513825 c:FRS102 2023-01-01 2023-12-31 02513825 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02513825 c:FullAccounts 2023-01-01 2023-12-31 02513825 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02513825 d:WithinOneYear 2023-12-31 02513825 d:WithinOneYear 2022-12-31 02513825 d:BetweenOneFiveYears 2023-12-31 02513825 d:BetweenOneFiveYears 2022-12-31 02513825 d:MoreThanFiveYears 2023-12-31 02513825 d:MoreThanFiveYears 2022-12-31 02513825 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02513825 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02513825 d:RetirementBenefitObligationsDeferredTax 2023-12-31 02513825 d:RetirementBenefitObligationsDeferredTax 2022-12-31 02513825 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02513825










IAB-LAB LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IAB-LAB LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IAB-LAB LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iab-Lab Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Iab-Lab Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Iab-Lab Limited and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iab-Lab Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Iab-Lab Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Iab-Lab Limited. You consider that Iab-Lab Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Iab-Lab Limited. 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 financial statements.

  



Chesterfield
 
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA
1 August 2024
Page 1

 
IAB-LAB LIMITED
REGISTERED NUMBER: 02513825

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,992
8,708

Current assets
  

Stocks
  
40,180
28,500

Debtors: amounts falling due within one year
 5 
264,679
608,070

Cash at bank and in hand
  
975,364
1,458,308

  
1,280,223
2,094,878

Creditors: amounts falling due within one year
 6 
(446,503)
(1,339,375)

Net current assets
  
 
 
833,720
 
 
755,503

Total assets less current liabilities
  
840,712
764,211

Provisions for liabilities
  

Deferred tax
 7 
(1,112)
(1,442)

Net assets
  
839,600
762,769


Capital and reserves
  

Called up share capital 
  
102
102

Profit and loss account
  
839,498
762,667

  
839,600
762,769


Page 2

 
IAB-LAB LIMITED
REGISTERED NUMBER: 02513825
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.




J M Arran
H K Hey
Director
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
IAB-LAB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

IAB-LAB Limited is a private company limited by shares, incorporated in England and Wales (registered number: 02513825). Its registered office is Unit 5 Parkwood Business Park, 1 Parkwood Street, Keighley, West Yorkshire, BD21 4QR. The principal activity of the Company throughout the year continued to be that of mechanical and electrical engineers specialising in the installation and maintenance of laboratory equipment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
IAB-LAB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Current and deferred taxation

Tax is recognised in the Statement of income and retained earnings.
The current 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.

 
2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Motor vehicles
-
25% straight line
Fixtures & fittings
-
20% - 50% straight line
Office equipment
-
20% - 50% straight line

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.

Page 5

 
IAB-LAB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price 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,  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 and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 6

 
IAB-LAB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 January 2023
25,625
2,241
162,715
190,581


Additions
-
-
6,423
6,423



At 31 December 2023

25,625
2,241
169,138
197,004



Depreciation


At 1 January 2023
20,820
2,241
158,812
181,873


Charge for the year on owned assets
4,805
-
3,334
8,139



At 31 December 2023

25,625
2,241
162,146
190,012



Net book value



At 31 December 2023
-
-
6,992
6,992



At 31 December 2022
4,805
-
3,903
8,708


5.


Debtors

2023
2022
£
£


Trade debtors
236,890
584,485

Prepayments and accrued income
27,789
23,585

264,679
608,070


Page 7

 
IAB-LAB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
134,353
580,700

Amounts owed to group undertakings
186,163
358,598

Corporation tax
74,510
109,382

Other taxation and social security
33,229
167,133

Other creditors
18,248
123,562

446,503
1,339,375



7.


Deferred taxation




2023


£






At beginning of year
1,442


Credited to profit or loss
(330)



At end of year
1,112

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,199
1,507

Movement in provisions
(87)
(65)

1,112
1,442


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,687 (2022 - £130,122). Contributions totalling £807 (2022 - £609) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
IAB-LAB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
19,000
19,000

Later than 1 year and not later than 5 years
76,000
76,000

Later than 5 years
-
19,000

95,000
114,000


10.


Controlling party

The ultimate parent undertaking is IAB-LAB (Holdings) Limited, the parent company of IAB-LAB Limited.

 
Page 9