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REGISTERED NUMBER: 02779599 (England and Wales)















Labtech International Limited

Unaudited Financial Statements

for the Period 1 April 2023 to 31 December 2023






Labtech International Limited (Registered number: 02779599)






Contents of the Financial Statements
for the Period 1 April 2023 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Labtech International Limited

Company Information
for the Period 1 April 2023 to 31 December 2023







DIRECTORS: J A Heidinger
Mr B R Travis
Mr B M Wall





REGISTERED OFFICE: Mytogen House
11 Browning Road
Heathfield
East Sussex
TN21 8DB





REGISTERED NUMBER: 02779599 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Labtech International Limited (Registered number: 02779599)

Balance Sheet
31 December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,202 12,916
Tangible assets 5 208,758 168,684
213,960 181,600

CURRENT ASSETS
Stocks 625,367 673,819
Debtors 6 426,110 1,043,271
Cash at bank and in hand 716,289 1,089,272
1,767,766 2,806,362
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

1,018,567

1,780,546
NET CURRENT ASSETS 749,199 1,025,816
TOTAL ASSETS LESS CURRENT
LIABILITIES

963,159

1,207,416

PROVISIONS FOR LIABILITIES 52,190 40,768
NET ASSETS 910,969 1,166,648

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 909,969 1,165,648
SHAREHOLDERS' FUNDS 910,969 1,166,648

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Labtech International Limited (Registered number: 02779599)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr B R Travis - Director


Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements
for the Period 1 April 2023 to 31 December 2023

1. STATUTORY INFORMATION

Labtech International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Labtech International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Group 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.

Turnover 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 turnover can be measured reliably;
- it is probable that the Group 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software has been amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 33% on cost
Demo equipment - 20% on cost

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

At each reporting 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 the Consolidated Statement of Comprehensive Income.

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

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 28 (2023 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 54,326
Disposals (10,166 )
At 31 December 2023 44,160
AMORTISATION
At 1 April 2023 41,410
Charge for period 7,714
Eliminated on disposal (10,166 )
At 31 December 2023 38,958
NET BOOK VALUE
At 31 December 2023 5,202
At 31 March 2023 12,916

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 44,533 427,257 243,814
Additions - 22,119 -
Disposals - (313,374 ) (199,706 )
At 31 December 2023 44,533 136,002 44,108
DEPRECIATION
At 1 April 2023 44,533 392,273 235,374
Charge for period - 13,648 2,936
Eliminated on disposal - (295,910 ) (195,839 )
At 31 December 2023 44,533 110,011 42,471
NET BOOK VALUE
At 31 December 2023 - 25,991 1,637
At 31 March 2023 - 34,984 8,440

Motor Demo
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 16,324 294,193 1,026,121
Additions - 129,656 151,775
Disposals - (98,333 ) (611,413 )
At 31 December 2023 16,324 325,516 566,483
DEPRECIATION
At 1 April 2023 16,324 168,933 857,437
Charge for period - 38,957 55,541
Eliminated on disposal - (63,504 ) (555,253 )
At 31 December 2023 16,324 144,386 357,725
NET BOOK VALUE
At 31 December 2023 - 181,130 208,758
At 31 March 2023 - 125,260 168,684

Labtech International Limited (Registered number: 02779599)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 318,316 777,461
Amounts owed by group undertakings - 176,801
Other debtors 107,794 89,009
426,110 1,043,271

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 347,028 952,289
Taxation and social security 89,954 209,398
Other creditors 581,585 618,859
1,018,567 1,780,546

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2023
£    £   
Within one year 13,552 7,548
Between one and five years 163,009 1,258
176,561 8,806

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed amounts totalling £nil (2023 - £26,801) from companies with mutual shareholders. These loans were interest free, unsecured and repayable on demand. During the year the company wrote off £20,801 of debt (2023 - £600,000) from a related company.