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Company registration number: 03775943

Lab UK (Furniture) Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Lab UK (Furniture) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Lab UK (Furniture) Limited

Company Information

Directors

Mr A S Hardman

Mr M J Hardman

Ms Z L Hardman

Registered office

Lab UK (Furniture) Ltd
Unit F2
Coal Pit Lane
Manchester
M46 0RL

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lab UK (Furniture) Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lab UK (Furniture) Limited for the year ended 30 April 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Lab UK (Furniture) Limited, as a body, in accordance with the terms of our engagement letter dated 11 June 2020. Our work has been undertaken solely to prepare for your approval the accounts of Lab UK (Furniture) Limited and state those matters that we have agreed to state to the Board of Directors of Lab UK (Furniture) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lab UK (Furniture) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lab UK (Furniture) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lab UK (Furniture) Limited. You consider that Lab UK (Furniture) 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 accounts of Lab UK (Furniture) 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 accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

31 October 2024

 

Lab UK (Furniture) Limited

(Registration number: 03775943)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,093

59,207

Current assets

 

Stocks

60,750

122,500

Debtors

5

417,260

553,240

Cash at bank and in hand

 

597,861

334,920

 

1,075,871

1,010,660

Creditors: Amounts falling due within one year

6

(217,563)

(265,680)

Net current assets

 

858,308

744,980

Total assets less current liabilities

 

908,401

804,187

Creditors: Amounts falling due after more than one year

6

(10,834)

(20,833)

Provisions for liabilities

(10,519)

(12,669)

Net assets

 

887,048

770,685

Capital and reserves

 

Called up share capital

802

802

Capital redemption reserve

200

200

Retained earnings

886,046

769,683

Shareholders' funds

 

887,048

770,685

For the financial year ending 30 April 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

 

Lab UK (Furniture) Limited

(Registration number: 03775943)
Balance Sheet as at 30 April 2024

.........................................
Mr A S Hardman
Director

   
     
 

Lab UK (Furniture) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 and principal place of business is:
Lab UK (Furniture) Ltd
Unit F2
Coal Pit Lane
Manchester
M46 0RL

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods are recognised when the company has delivered the goods to the customer.

Tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax has not been discounted.

Tangible assets

All fixed assets are initially recorded at cost.

 

Lab UK (Furniture) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Stocks

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

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liabilitiy and the interest is charged to the profit and loss account on a straight line basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

 

Lab UK (Furniture) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

168,504

33,294

27,960

229,758

Additions

-

4,070

-

4,070

At 30 April 2024

168,504

37,364

27,960

233,828

Depreciation

At 1 May 2023

115,690

28,922

25,939

170,551

Charge for the year

10,563

2,115

506

13,184

At 30 April 2024

126,253

31,037

26,445

183,735

Carrying amount

At 30 April 2024

42,251

6,327

1,515

50,093

At 30 April 2023

52,814

4,372

2,021

59,207

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

201,452

326,319

Amounts owed by group undertakings

8

213,434

173,434

Other debtors

 

2,374

53,487

 

417,260

553,240

 

Lab UK (Furniture) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

77,984

165,817

Corporation tax

 

99,962

67,570

Other creditors

 

29,617

22,293

 

217,563

265,680

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10,834

20,833

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,036 (2023 - £31,671). These are non cancellable operating leases.

8

Related party transactions

Summary of transactions with parent

At the year end the company is owed £213,434 (2023: £173,434) by its parent company, Lab UK (Furniture) Holdings Limited.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Lab UK (Furniture) Holdings Limited, incorporated in England and Wales.