Registered number
02925417
Labform Limited
Filleted Accounts
31 May 2024
Labform Limited
Registered number: 02925417
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 58,767 77,504
Current assets
Stocks 56,059 80,419
Debtors 4 30,538 75,240
Cash at bank and in hand 395,498 230,047
482,095 385,706
Creditors: amounts falling due within one year 5 (234,935) (176,344)
Net current assets 247,160 209,362
Total assets less current liabilities 305,927 286,866
Provisions for liabilities - (3,522)
Net assets 305,927 283,344
Capital and reserves
Called up share capital 100 100
Profit and loss account 305,827 283,244
Shareholders' funds 305,927 283,344
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M A Ward
Director
Approved by the board on 9 October 2024
Labform Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Equipment, fixtures and fittings 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 126,943 67,466 194,409
At 31 May 2024 126,943 67,466 194,409
Depreciation
At 1 June 2023 100,039 16,866 116,905
Charge for the year 6,087 12,650 18,737
At 31 May 2024 106,126 29,516 135,642
Net book value
At 31 May 2024 20,817 37,950 58,767
At 31 May 2023 26,904 50,600 77,504
4 Debtors 2024 2023
£ £
Trade debtors 15,781 64,586
Deferred tax asset 211 -
Other debtors 14,546 10,654
30,538 75,240
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 103,234 91,153
Taxation and social security costs 128,324 81,607
Other creditors 3,377 3,584
234,935 176,344
6 Other information
Labform Limited is a private company limited by shares and incorporated in England. Its registered office is:
Wright House
Crouchley Lane
Lymm
WA13 0AS
Labform Limited 02925417 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts April 2024 Mr M A Ward No description of principal activity 02925417 2022-06-01 2023-05-31 02925417 core:WithinOneYear 2023-05-31 02925417 core:ShareCapital 2023-05-31 02925417 core:RetainedEarningsAccumulatedLosses 2023-05-31 02925417 2023-06-01 2024-05-31 02925417 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02925417 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02925417 bus:Director40 2023-06-01 2024-05-31 02925417 1 2023-06-01 2024-05-31 02925417 2 2023-06-01 2024-05-31 02925417 core:PlantMachinery 2023-06-01 2024-05-31 02925417 core:Vehicles 2023-06-01 2024-05-31 02925417 countries:England 2023-06-01 2024-05-31 02925417 bus:FRS102 2023-06-01 2024-05-31 02925417 bus:FilletedAccounts 2023-06-01 2024-05-31 02925417 2024-05-31 02925417 core:WithinOneYear 2024-05-31 02925417 core:ShareCapital 2024-05-31 02925417 core:RetainedEarningsAccumulatedLosses 2024-05-31 02925417 core:PlantMachinery 2024-05-31 02925417 core:Vehicles 2024-05-31 02925417 2023-05-31 02925417 core:PlantMachinery 2023-05-31 02925417 core:Vehicles 2023-05-31 iso4217:GBP xbrli:pure