Company registration number 06424823 (England and Wales)
G & N LABORATORY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
G & N LABORATORY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
G & N LABORATORY LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,492
10,502
Current assets
Stocks
147,347
168,712
Debtors
4
489,499
637,275
Cash at bank and in hand
18,609
20,757
655,455
826,744
Creditors: amounts falling due within one year
5
(450,762)
(411,816)
Net current assets
204,693
414,928
Total assets less current liabilities
260,185
425,430
Provisions for liabilities
(13,873)
(1,995)
Net assets
246,312
423,435
Capital and reserves
Called up share capital
6
4,000
4,000
Profit and loss reserves
242,312
419,435
Total equity
246,312
423,435

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 30 November 2023 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 member has 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.

The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
G C R Griffiths
Director
Company registration number 06424823 (England and Wales)
G & N LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

G & N Laboratory Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maydwell Avenue, Off Stane Street, Slinford, Horsham, West Sussex, RH13 OGN.

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. 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 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Plant and machinery
20 - 25% per annum on cost
Fixtures and fittings
20 - 25% per annum on cost

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

G & N LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

G & N LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

G & N LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
4
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
13,347
Additions
56,050
At 30 November 2023
69,397
Depreciation and impairment
At 1 December 2022
2,845
Depreciation charged in the year
11,060
At 30 November 2023
13,905
Carrying amount
At 30 November 2023
55,492
At 30 November 2022
10,502
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
324,161
239,671
Other debtors
165,338
397,604
489,499
637,275
G & N LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
137,537
81,762
Corporation tax
9,244
1,693
Other taxation and social security
23,031
98,749
Other creditors
280,950
229,612
450,762
411,816
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
4,000
4,000
4,000
4,000
7
Financial commitments, guarantees and contingent liabilities

At the financial year end the following legal charges were registered against the company:

 

HSBC Invoice Finance (UK) Limited have fixed and floating charges and covers all property of the company.

 

HSBC UK Bank Plc have a legal assignment of contract monies.

 

HSBC Bank Plc have a fixed and floating charge over the undertaking and all property and assets of the company, present and future.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
14,406
9,560
Entities under mutual control
15,100
15,100

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
51,310
345,088
2023-11-302022-12-01false30 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityG C R GriffithsG C R Griffithsfalsefalse064248232022-12-012023-11-30064248232023-11-30064248232022-11-3006424823core:OtherPropertyPlantEquipment2023-11-3006424823core:OtherPropertyPlantEquipment2022-11-3006424823core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3006424823core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3006424823core:CurrentFinancialInstruments2023-11-3006424823core:CurrentFinancialInstruments2022-11-3006424823core:ShareCapital2023-11-3006424823core:ShareCapital2022-11-3006424823core:RetainedEarningsAccumulatedLosses2023-11-3006424823core:RetainedEarningsAccumulatedLosses2022-11-3006424823bus:CompanySecretaryDirector12022-12-012023-11-3006424823core:PlantMachinery2022-12-012023-11-3006424823core:FurnitureFittings2022-12-012023-11-30064248232021-12-012022-11-3006424823core:OtherPropertyPlantEquipment2022-11-3006424823core:OtherPropertyPlantEquipment2022-12-012023-11-3006424823core:WithinOneYear2023-11-3006424823core:WithinOneYear2022-11-3006424823core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-11-3006424823bus:PrivateLimitedCompanyLtd2022-12-012023-11-3006424823bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3006424823bus:FRS1022022-12-012023-11-3006424823bus:AuditExemptWithAccountantsReport2022-12-012023-11-3006424823bus:Director12022-12-012023-11-3006424823bus:CompanySecretary12022-12-012023-11-3006424823bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP