Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Jason Alan Elder 07/12/2018 Joyce Lean Lunsford 07/12/2018 Gregory Alan Molter 07/12/2018 Ian David Smith 07/12/2018 Grahame Laurence Wardall 07/12/2018 25 September 2024 The principal activity of the Company during the financial year was the manufacture of organic chemicals and technical testing and analysis. 05766674 2023-12-31 05766674 bus:Director1 2023-12-31 05766674 bus:Director2 2023-12-31 05766674 bus:Director3 2023-12-31 05766674 bus:Director4 2023-12-31 05766674 bus:Director5 2023-12-31 05766674 2022-12-31 05766674 core:CurrentFinancialInstruments 2023-12-31 05766674 core:CurrentFinancialInstruments 2022-12-31 05766674 core:ShareCapital 2023-12-31 05766674 core:ShareCapital 2022-12-31 05766674 core:RetainedEarningsAccumulatedLosses 2023-12-31 05766674 core:RetainedEarningsAccumulatedLosses 2022-12-31 05766674 core:PlantMachinery 2022-12-31 05766674 core:FurnitureFittings 2022-12-31 05766674 core:ToolsEquipment 2022-12-31 05766674 core:PlantMachinery 2023-12-31 05766674 core:FurnitureFittings 2023-12-31 05766674 core:ToolsEquipment 2023-12-31 05766674 bus:OrdinaryShareClass1 2023-12-31 05766674 2023-01-01 2023-12-31 05766674 bus:FilletedAccounts 2023-01-01 2023-12-31 05766674 bus:SmallEntities 2023-01-01 2023-12-31 05766674 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05766674 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05766674 bus:Director1 2023-01-01 2023-12-31 05766674 bus:Director2 2023-01-01 2023-12-31 05766674 bus:Director3 2023-01-01 2023-12-31 05766674 bus:Director4 2023-01-01 2023-12-31 05766674 bus:Director5 2023-01-01 2023-12-31 05766674 core:PlantMachinery 2023-01-01 2023-12-31 05766674 core:FurnitureFittings 2023-01-01 2023-12-31 05766674 core:ToolsEquipment 2023-01-01 2023-12-31 05766674 2022-01-01 2022-12-31 05766674 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 05766674 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05766674 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05766674 (England and Wales)

OEA LABORATORIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

OEA LABORATORIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

OEA LABORATORIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
OEA LABORATORIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 12,168 15,937
12,168 15,937
Current assets
Stocks 134,881 155,860
Debtors 4 360,500 301,691
Cash at bank and in hand 64,617 48,752
559,998 506,303
Creditors: amounts falling due within one year 5 ( 28,598) ( 36,165)
Net current assets 531,400 470,138
Total assets less current liabilities 543,568 486,075
Provision for liabilities ( 2,256) ( 3,026)
Net assets 541,312 483,049
Capital and reserves
Called-up share capital 6 100,000 100,000
Profit and loss account 441,312 383,049
Total shareholder's funds 541,312 483,049

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of OEA Laboratories Limited (registered number: 05766674) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Gregory Alan Molter
Director
OEA LABORATORIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
OEA LABORATORIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

OEA Laboratories Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, England, United Kingdom. The principal place of business is 3 Wellbrook Court, Girton, Cambridge, CB3 0NA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Tools and equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 7

3. Tangible assets

Plant and machinery Fixtures and fittings Tools and equipment Total
£ £ £ £
Cost
At 01 January 2023 224,692 44,526 15,672 284,890
At 31 December 2023 224,692 44,526 15,672 284,890
Accumulated depreciation
At 01 January 2023 213,647 41,021 14,285 268,953
Charge for the financial year 2,762 661 346 3,769
At 31 December 2023 216,409 41,682 14,631 272,722
Net book value
At 31 December 2023 8,283 2,844 1,041 12,168
At 31 December 2022 11,045 3,505 1,387 15,937

4. Debtors

2023 2022
£ £
Trade debtors 47,533 77,271
Amounts owed by Group undertakings 158,996 158,996
Prepayments 0 488
VAT recoverable 4,426 7,258
Other debtors 149,545 57,678
360,500 301,691

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,831 12,426
Accruals 3,465 3,150
Taxation and social security 21,302 20,589
28,598 36,165

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each 100,000 100,000

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

OEA Laboratories Limited, has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.

Other related party transactions

2023 2022
£ £
Amounts owed by companies under common control 148,542 56,291

8. Ultimate controlling party

Parent Company:

Conifer Topco Ltd
1 Hameldown Road, Exeter Road Industrial Estate, Okehampton, Devon, England, EX20 1UB