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REGISTERED NUMBER: 04149289 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SPECIALIST INSTRUMENTS LIMITED

SPECIALIST INSTRUMENTS LIMITED (REGISTERED NUMBER: 04149289)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

SPECIALIST INSTRUMENTS LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: Mr G C Rees
Mr N D Jones



REGISTERED OFFICE: 10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



REGISTERED NUMBER: 04149289 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: Natwest Direct Business Banking
PO Box 4115
Hornchurch
Essex
RM12 4DF

SPECIALIST INSTRUMENTS LIMITED (REGISTERED NUMBER: 04149289)

BALANCE SHEET
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,805 31,892

CURRENT ASSETS
Stocks 141,000 109,912
Debtors 5 179,526 148,035
Cash at bank and in hand 171,964 119,685
492,490 377,632
CREDITORS
Amounts falling due within one year 6 173,317 108,945
NET CURRENT ASSETS 319,173 268,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

354,978

300,579

PROVISIONS FOR LIABILITIES 7,725 4,959
NET ASSETS 347,253 295,620

CAPITAL AND RESERVES
Called up share capital 207 207
Share premium 379 379
Retained earnings 346,667 295,034
SHAREHOLDERS' FUNDS 347,253 295,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





Mr G C Rees - Director


SPECIALIST INSTRUMENTS LIMITED (REGISTERED NUMBER: 04149289)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Specialist Instruments 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.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the sale of machinery.

Revenue is recognised when the customer takes delivery of their order at which time the significant risks and rewards associated with the machinery pass to the customer.

The company does not enter into long term contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Equipment - 25% on cost
Computer equipment - 33% on cost

The assets' residual value, useful life and depreciation method is reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks
The company holds a stock of components, parts and consumables associated with its trade. Items that are not subject to physical obsolescence are valued at cost. Certain item are subject to technological obsolescence and in these circumstances have been valued by the directors at the lower of cost or net realisable value.

Parts and components are issued to production on a first in first out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SPECIALIST INSTRUMENTS LIMITED (REGISTERED NUMBER: 04149289)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Cash and cash equivalents
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.

Creditors
Creditors are not interest bearing and are stated at their nominal value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant & Motor Computer
property Equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 32,435 21,683 - 41,236 95,354
Additions - 603 20,890 3,555 25,048
Disposals (15,546 ) (111 ) - - (15,657 )
At 31 January 2024 16,889 22,175 20,890 44,791 104,745
DEPRECIATION
At 1 February 2023 10,588 16,642 - 36,232 63,462
Charge for year 1,689 2,086 2,380 3,952 10,107
Eliminated on disposal (4,518 ) (111 ) - - (4,629 )
At 31 January 2024 7,759 18,617 2,380 40,184 68,940
NET BOOK VALUE
At 31 January 2024 9,130 3,558 18,510 4,607 35,805
At 31 January 2023 21,847 5,041 - 5,004 31,892

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 167,554 138,370
Other debtors 11,972 9,665
179,526 148,035

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 84,347 36,026
Taxation and social security 76,734 59,029
Other creditors 12,236 13,890
173,317 108,945

SPECIALIST INSTRUMENTS LIMITED (REGISTERED NUMBER: 04149289)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

7. SHARE-BASED PAYMENT TRANSACTIONS

Enterprise Management Incentive (EMI) Employee Share Option Scheme

Key employees participate in the Enterprise Management Incentive employee share option scheme which provides the employees the right to purchase shares at specific dates.

The options were granted with an exercise price of £127.18, and are exercisable at 2 staged dates and expire 10 years after the grant date. Vesting of the options is subject to the employee continuing to work for the company for at least 25 hours a week or 75% of their working time.

The company is unable to directly measured the fair value of employee services rendered. The fair value of the share options are therefore measured at the market value of the shares.

Share Option Movements during the year ended 31 January 2024

Options b/fwd at 1 February 2023 and c/fwd at 31 January 202420






8. RELATED PARTY DISCLOSURES

The following advances and credits subsisted during the years ended 31st January 2024 and 2023:

31.1.24 31.1.23
£ £
Director
Balance outstanding at the start of the year - -
Amounts advanced 17,162 8,974
Amount repaid (17,162 ) (8,974 )
Balance outstanding at the end of the year -

31.1.24 31.1.23
Director £ £   
Balance outstanding at the start of the year - -
Amounts advanced 3,690 3,509
Amount repaid (3,690 ) (3,509 )
Balance outstanding at the end of the year - -

The loans are repayable on demand and subject to interest payable at commercial rates.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SPECIALIST INSTRUMENTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialist Instruments Limited for the year ended 31 January 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Specialist Instruments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Specialist Instruments Limited and state those matters that we have agreed to state to the Board of Directors of Specialist Instruments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Instruments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Specialist Instruments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Specialist Instruments Limited. You consider that Specialist Instruments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Specialist Instruments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


9 October 2024