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Radley Scientific Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 10423579

 

Radley Scientific Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Radley Scientific Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

67,881

69,637

Tangible assets

5

21,450

38,790

 

89,331

108,427

Current assets

 

Stocks

172,861

129,673

Debtors

6

235,745

70,453

Cash at bank and in hand

 

127

150

 

408,733

200,276

Creditors: Amounts falling due within one year

7

(1,369,856)

(1,158,886)

Net current liabilities

 

(961,123)

(958,610)

Total assets less current liabilities

 

(871,792)

(850,183)

Creditors: Amounts falling due after more than one year

7

(18,113)

(27,907)

Net liabilities

 

(889,905)

(878,090)

Capital and reserves

 

Called up share capital

9

161,000

161,000

Profit and loss account

(1,050,905)

(1,039,090)

Shareholders' deficit

 

(889,905)

(878,090)

 

Radley Scientific Limited

Balance Sheet

31 March 2024

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

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr R J R Young
Director

.........................................
Dr S M R Young
Director

Company Registration Number: 10423579

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Bremridge House
Bremridge Farm
Ashburton
Devon
TQ13 7JX

These financial statements were authorised for issue by the Board on 1 October 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

At the 31 March 2023 the company showed an excess of assets over liabilities amounting to £878,090 (2022- £842,963). The directors have confirmed that they will continue to support the company. The accounts have therefore 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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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 corporation 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.

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

33% Reducing balance

Plant and equipment

15% Straight line

High Tech equipment

33% Straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20% Straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after taking due regard for obsolete and slow moving stocks.

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Bank loans;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 8).

4

Intangible assets

Patents
 £

Total
£

Cost or valuation

At 1 April 2023

205,863

205,863

Additions

31,507

31,507

At 31 March 2024

237,370

237,370

Amortisation

At 1 April 2023

136,226

136,226

Amortisation charge

33,263

33,263

At 31 March 2024

169,489

169,489

Carrying amount

At 31 March 2024

67,881

67,881

At 31 March 2023

69,637

69,637

The aggregate amount of research and development expenditure recognised as an expense during the period is £198,194 (2023 - £120,178).
 

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Tangible assets

High-Tech equipment
 £

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

98,537

58,845

1,007

158,389

Additions

12,542

621

6,990

20,153

Disposals

(32,085)

-

-

(32,085)

At 31 March 2024

78,994

59,466

7,997

146,457

Depreciation

At 1 April 2023

68,534

50,134

931

119,599

Charge for the year

11,096

7,623

219

18,938

Eliminated on disposal

(13,530)

-

-

(13,530)

At 31 March 2024

66,100

57,757

1,150

125,007

Carrying amount

At 31 March 2024

12,894

1,709

6,847

21,450

At 31 March 2023

30,003

8,711

76

38,790

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

101,684

14,606

Prepayments

114,058

10,145

Other debtors

20,003

45,702

235,745

70,453

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

32,335

18,367

Trade creditors

 

71,585

56,667

Taxation and social security

 

17,770

7,336

Accruals and deferred income

 

37,421

5,140

Other creditors

 

1,210,745

1,071,376

 

1,369,856

1,158,886

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

18,113

27,907

 

Radley Scientific Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

8

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

11,393

27,907

HP and finance lease liabilities

6,720

-

18,113

27,907

Current loans and borrowings

2024
£

2023
£

Bank borrowings

17,250

16,875

Bank overdrafts

13,405

1,492

Hire purchase contracts

1,680

-

32,335

18,367

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Redeemable preference shares of £1 each

160,000

160,000

160,000

160,000

161,000

161,000

161,000

161,000

Share option scheme

On 29 October 2019 the company granted an option to acquire shares to seven employees under an approved Enterprise Management Incentive scheme. The option per employee was in respect of 159 Ordinary Shares of £1 each at an exercise price of £1 per shares.