Labtex Limited 05269082 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Laboratory equipment Digita Accounts Production Advanced 6.30.9574.0 true true 05269082 2023-06-01 2024-05-31 05269082 2024-05-31 05269082 core:CurrentFinancialInstruments 2024-05-31 05269082 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05269082 core:FurnitureFittings 2024-05-31 05269082 core:MotorVehicles 2024-05-31 05269082 core:OfficeEquipment 2024-05-31 05269082 1 2024-05-31 05269082 bus:SmallEntities 2023-06-01 2024-05-31 05269082 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05269082 bus:FullAccounts 2023-06-01 2024-05-31 05269082 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05269082 bus:RegisteredOffice 2023-06-01 2024-05-31 05269082 bus:CompanySecretary1 2023-06-01 2024-05-31 05269082 bus:Director1 2023-06-01 2024-05-31 05269082 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05269082 core:FurnitureFittings 2023-06-01 2024-05-31 05269082 core:MotorVehicles 2023-06-01 2024-05-31 05269082 core:OfficeEquipment 2023-06-01 2024-05-31 05269082 countries:England 2023-06-01 2024-05-31 05269082 1 2023-06-01 2024-05-31 05269082 2023-05-31 05269082 core:FurnitureFittings 2023-05-31 05269082 core:MotorVehicles 2023-05-31 05269082 core:OfficeEquipment 2023-05-31 05269082 1 2023-05-31 05269082 2022-06-01 2023-05-31 05269082 2023-05-31 05269082 core:CurrentFinancialInstruments 2023-05-31 05269082 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05269082 core:FurnitureFittings 2023-05-31 05269082 core:MotorVehicles 2023-05-31 05269082 core:OfficeEquipment 2023-05-31 05269082 1 2023-05-31 05269082 1 2022-06-01 2023-05-31 05269082 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 05269082

Labtex Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Labtex Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Labtex Limited

Company Information

Director

IG Smith

Company secretary

S A Peace

Registered office

Unit 14 New Mills Brougham Road
Marsden
Huddersfield
West Yorkshire
HD7 6AZ

 

Labtex Limited

(Registration number: 05269082)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,816

7,122

Current assets

 

Stocks

5

71,390

83,562

Debtors

6

263,133

325,616

Cash at bank and in hand

 

359,524

458,559

 

694,047

867,737

Creditors: Amounts falling due within one year

7

(109,614)

(186,820)

Net current assets

 

584,433

680,917

Total assets less current liabilities

 

589,249

688,039

Provisions for liabilities

(1,205)

(1,781)

Net assets

 

588,044

686,258

Capital and reserves

 

Called up share capital

60,000

60,000

Capital redemption reserve

20,000

20,000

Retained earnings

508,044

606,258

Shareholders' funds

 

588,044

686,258

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Labtex Limited

(Registration number: 05269082)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 26 July 2024
 

.........................................
IG Smith
Director

 

Labtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 14 New Mills Brougham Road
Marsden
Huddersfield
West Yorkshire
HD7 6AZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Labtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% RB

Office and Computer Equipment

20% RB and 33% SL

Fixtures and Fittings

20% RB

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Labtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Labtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 7).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

3,070

20,427

10,495

33,992

At 31 May 2024

3,070

20,427

10,495

33,992

Depreciation

At 1 June 2023

2,758

18,047

6,065

26,870

Charge for the year

37

1,168

1,101

2,306

At 31 May 2024

2,795

19,215

7,166

29,176

Carrying amount

At 31 May 2024

275

1,212

3,329

4,816

At 31 May 2023

312

2,380

4,430

7,122

5

Stocks

2024
£

2023
£

Other inventories

71,390

83,562

6

Debtors

Current

2024
£

2023
£

Trade debtors

74,244

156,730

Prepayments

25,577

15,250

Other debtors

163,312

153,636

 

263,133

325,616

 

Labtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

57,871

73,226

Taxation and social security

40,129

90,966

Accruals and deferred income

3,380

7,838

Other creditors

8,234

14,790

109,614

186,820

8

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Interest charged at 2.25% (2023 2.00%). No conditions attached to this loan.

134,273

99,964

(131,963)

102,273

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Interest charged at 2.25% (2023 2.00%). No conditions attached to this loan.

61,696

145,828

(73,250)

134,273